Tadawul closes above 7,000 pts Wednesday

By: Waleed Abdul Salam

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) closes in green on Wednesday, to reach the 7,000 points level for the first time during 2016.

The main index rose 1.5% or 103.35 points to stand at 7,000.18 points.

The ministers of the member countries in OPEC started on Wednesday an unofficial meeting to discuss supporting oil prices.

Oil prices jumped 8% in today's trading, coinciding the OPEC's meeting in Vienna to decrease the production.

Tadawul is still in an upward path after breaking through the last peak at 6,875 points, targeting 7,090 points. In case of passing the targeted level, the index will target 7,225 points, technical analyst, Salem Al Shwaeman, told Mubasher.

The analyst added that there was a rise in liquidity over the past two weeks, where in last week it reached SAR 32 billion, while it reached in the week that preceded SAR 28 billion.

It is expected that the liquidity will reach SAR 28 billion during this week, which is a good thing and supportive to the market, according to Al Shwaeman.

Traded values rose 18.26% to SAR 7.12 billion ($1.9 billion) compared to SAR 6.15 billion ($1.364 billion) on Tuesday.

Traded volumes also increased 14.75% to 408.6 million shares compared to 356 million shares yesterday.

The media was the only losing sector and shed 0.19%.

The petrochemical sector led the green zone and gained 3.24%, followed by the multi-investment and banks sectors which levelled up 2.75% and 0.67%, respectively.

Saudi Transport and Investment (Mubarrad) topped the gaining stocks advancing 7.08% to SAR 52.75, while Gulf Union Cooperative Insurance decreased 1.4% to SAR 9.9.

Dar Al Arkan was the most active in terms of traded volume, exchanging 117 million shares at a value of SAR 691.2 million; the stock added 3.5% to SAR 5.95.

SABIC was the most active in terms of traded values of SAR 895.2 million by exchanging 9.6 million shares; the stock increased 4.3% to SAR 94.75.

Translated by: Sara Ghali

MUBASHER Contribution Time: 30-Nov-2016 15:40 (GMT)
MUBASHER Last Update Time: 01-Dec-2016 09:58 (GMT)