By: Waleed Abd El-Salam
Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended Thursday’s trading in green for the second consecutive session, amidst anticipation for the announcement of the kingdom’s public budget for 2017.
Tadawul All Share Index gained 0.44% or 31.05 points and closed at the level of 7,087.76 points.
Financial analyst Faris Eid told Mubasher that the main index is still moving horizontally due to many factors, noting that the anticipations for the budget, which was one of the most vital drivers for the market today, resulted in a decrease in the market liquidity.
Traded values declined to nearly SAR 4 billion ($1.04 billion) compared to SAR 3.3 billion ($882 million) on Wednesday, while volumes increased to 235.11 million shares from 184.12 million shares on yesterday’s session.
As for the sectors performance, the media and publishing added 7.63% as Printing and Packaging surged 9.82% to the level of SAR 20.35.
The banks sector went up by 0.42% as Al-Ahli lost 0.59% to SAR 41, while Al-Rajhi levelled up by 0.11% to the level of SAR 63.25.
On the other hand, the telecom sector declined by 0.58% while real estate remained unchanged.
Technical analyst, Emad Al-Rashid expects the benchmark index to move horizontally between 7,000 and 7,200 points in next week, adding that if the support level of 7,000 points was broken it could lead to the level of 6,800 points which will be a stop loss point for current investors.
Al-Rashid added that the financial results which will be issued by companies in the coming period will be the main driver of the market performance.
As for the stocks performance,
Arabian Shield led the session’s gainers and surged 9.9% to the level of SAR 35.5, while Jazira Takaful led the decliners and lost 2.4% to SAR 28.7.
Meanwhile, Dar Al Arkan led traded values and volumes with 57 million shares with a total turnover of SAR 330.8 million.
