Tadawul posts losses for 2nd consecutive session

By: Thabet Shehata

Mubasher: The benchmark index of the Saudi Stock Exchange (Tadawul) posted losses on Tuesday for the second successive session in line with a decline in liquidity.

The index edged down by 0.2% or 14 points to close at 7,057.79 points.

Turnover shrank to SAR 3.58 billion ($955.2 million) from SAR 3.86 billion ($1.03 billion) in the previous session, while trading volume decreased to 214.3 million shares from 220 million.

The food retail sector led the decliners with 0.89%, followed by the banks sector which lost 0.4% in line with the 0.11% fall of Al Rajhi.

Meanwhile, the telecom sector gained 0.82% on the back of Mobily which rose by 2.05%.

Zain ended Tuesday’s session with an increase by 0.54% to SAR 9.30; the highest level since October 2015.

Wafa Insurance was the top loser with 3.7% to close at AAR 19.25, while Jazadco topped the winners by 8.3% to close at SAR 13.

Al Inma Bank recorded the highest trading value with SAR 223.45 million. The stock ended the session 1.82% lower. 

The launch of the parallel market on Sunday is not expected to affect the market as the majority of traders will not be able to trade on it, financial analyst Ali Al-Jaafary said.

Tadawul is expected to have support at 7,020 points, then to be followed by 6,970 and 6,920 points, respectively, he said, noting that the resistance will be at 7,080 and 7,100 points which will be followed by the 7,120-point level.

 

MUBASHER Contribution Time: 21-Feb-2017 14:21 (GMT)
MUBASHER Last Update Time: 21-Feb-2017 14:26 (GMT)