By: Majid Al Shabib
Riyadh – Mubasher: The Saudi Stock Exchange’s (Tadawul) benchmark index ended Sunday in the red, after four straight sessions of gains, as investors await oil price movements on Monday, following last week’s 2.5% drop in prices.
The TASI shed 0.55% to 6,570 points, while liquidity retreated to its lowest level in 5 sessions to SAR 3.3 billion, while traded volume reached 229.2 million shares.
The main index was pressured by blue chip stocks, which ended the session on a low note with the exception of Saudi Electricity, which gained 1.9%, whereas SABIC, Jabal Omar and NCB dropped by more than 1%.
Investors are anticipating the movement in oil prices at present, especially as technical analysis indicates a likely decline on the medium-term to $45 per barrel after the strong gains achieved by Brent crude oil, said market analyst Hashem Al Ahmed.
He noted that price movements will affect Gulf stock markets. The level of 6,800 points acts as strong resistance for Tadawul, Al Ahmed said, adding that the Saudi market is likely to see correction and target the level of 6,400 points on the short term.
By the end of Sunday’s session, a total of 11 sectors ended in the red, led by agriculture and investment which fell 1.3% and 1.2%, respectively. On the other hand, 4 sectors ended up, led by Media and Publishing, which grew 2.4%, followed by the energy sector which increased 1.8%.
At the stocks level, 103 companies ended down, led by Amana Insurance and Saudi Cable which lost 3% and 2.2%, respectively, whereas 60 stocks ended up, led by Saudi United Cooperative Insurance, which surged 9.7%.
Translated by: Nada Adel Sobhi
