By: Aseel bin Taleb
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Thursday’s session in the green, rising by 1.61% or 88.91 points to close at 5,623.34 points.
A total of 265.91 million shares were traded at a turnover of SAR 4.26 billion and through 106,600 transactions.
The rebound in oil prices after the Organisation of Petroleum Exporting Countries (OPEC) convened in Algeria late Wednesday has contributed to Tadawul’s rise, commented market analyst Saad Al-Saad.
He told Mubasher that Thursday’s gains were mainly driven by the petrochemicals sector.
Tadawul has reached a good level in terms of the rebound, Al Saad said, adding that he expects the Saudi market to see some fluctuation in the coming period, especially ahead of the disclosure period for third quarter financials.
The market’s positivity will be confirmed once the general index passes the level of 5,730 points, the analyst told Mubasher in a comment.
At the sectors level, 11 sectors rose, led by petrochemicals which gained 3.75%, followed by banks and telecoms which grew 1.79% and 0.97%, respectively.
On the flipside, 4 sectors were down, led by media and publishing which lost 3.14%, followed by real estate development and agriculture which shed 0.75% and 0.65%, respectively.
“We will see jittery trading volumes in the coming period,” Al-Saad told Mubasher. He advised traders and investors to wait, noting that those who do not speculate should not trade in the coming period.
Meanwhile, a total of 130 stocks ended the session in the green led by Halwani Bros with 10% to SAR 47.30, followed by Al Jouf Agricultural Development which surged 9.2% to SAR 28.
On the other hand, Al Alamiya for Cooperative Insurance topped fallers, losing 6.65% to SAR 19.65, followed by Saudi Research and Marketing with 5.04% to SAR 21.10.
Translated by: Nada Adel Sobhi
