By: Majed Al Shabeeb
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) closed in green on Monday, backed by the Saudi-Russian agreement, achieving its highest gains in four months.
The main index grew 1.7% to stand at 6,204 points.
Turnover reached SAR 3.84 billion, which is the highest in five weeks.
Saudi energy minister, Khalid Al Falih, said that it was necessary for all to cooperate on achieving a stability in oil prices, noting that the time was right for the cooperation decision between the two countries.
The market highly reacted with oil-related news, which were announced while market was suffering from a sharp decline in oil prices for a long time, technical analyst Ahmed Al Ghamdy told Mubasher.
He added that the market reaction today does not reveal that it is in good level, where currently the target is to reach the level of 6,350 points or even to approach it.
The cement was the only decreased sector, while the petrochemical sector topped the green sectors advancing 2.5%, followed by the banks and insurance sectors which added 2.4% and 2.2%, respectively.
On the stock level, 154 shares levelled up and 11 shares levelled down.
Alinma Tokio Marine led the gaining stocks growing 7.5%, followed by Saudi Industrial Export Co. (SIEC) and Bank Albilad which increased 7% and 5.9%, respectively.
Hail Cement Company led the losing stocks falling 3.4%, followed by Saudi Cement Co. and Wataniya Insurance which were down 2.2% and 0.9%, respectively.
Translated by: Sara Ghali
