By: Waleed Abd Al-Salam
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Wednesday’s trading session in the green zone, after closing two consecutive sessions in red.
Tadawul All Share Index (TASI) rose 0.36% or 25.06 points and closed at the level of 7,056.71 points, moving closer to the level of 7,100 points.
According to financial analyst Salem Al-Showiman, the market is currently supported by many factors, such as the rise of oil prices, the anticipated announcement of the Saudi public budget on Thursday, which will have a positive effect on the market if energy prices remained unchanged, or a negative effect if prices were risen, that could lead the whole market to profit making.
Al-Showiman added that support levels at 7,001 points amd 6,875 points are very important now, and if the budget release were to have a positive impact, support levels will be at 7,155 points, and if exceeded it will lead to the levels of 7,235 points.
Total traded values decreased to around SAR 3.3 billion ($882 million) compared to SAR 4.3 billion ($1.14 billion) on Tuesday. Traded volumes also declined to 184.12 million shares compared to 259.8 million shares last session.
As for the sectors performance, petrochem increased by 0.09% as Yansab and Petro Rabigh added 3% and 1.23%, closing at SAR 51.75 and SAR 11.5 respectively, while SABIC slipped 0.05% to SAR 91.75.
The banks sector gained 0.17% as National Commercial Bank and Al Rajhi added 0.74% and 0.35% respectively, and closed at SAR 40.9 and SAR 63.25 respectively.
On the other hand, the retail sector declined by 0.42%, while media and publishing, as well as REITs remained unchanged.
Arabian Shield led the session’s gainers and surged 9.7% and closed at SAR 32.3, while SGS was the biggest loser and lost 2.13% to SAR 62.25.
SABIC registered the highest turnover at SAR 331.3 million, while Dar Al Arkan was the most active in traded volumes with 44.84 million shares.
