By Mohammed Abu Meleeh

Riyadh-Mubasher: Saudi Arabia’s stock market rose 0.73% or 52.49 points to reach7,202 , its highest since 26 October.

The index was moving in an upward trend on Tuesday as its lowest point was yesterday’s close.

Oil prices rebounded amid as tensions in the Middle East escalated following the downing of a Russian fighter jet near the Syrian-Turkish border.

The local market witnessed technical rebounds after the recent steep decline, said Economist Mohammed Al Angari, adding that there is no negative or positive news to impact the market in the next period.

Al Angari told CNBC Arabia that traders on the Saudi exchange are awaiting the kingdom to post the budget for the next fiscal year, as well as the government’s spending policy  amid the continued decline in global oil prices.

Five sectors accounted for 70.4% of liquidity, topped by the petrochemical and banking sectors which accounted for 22.2% each. The insurance dominated 11.8%, followed by the media with 7.7%.

The energy was the only sector which moved lower, falling 0.21%. Meanwhile, the media and transport topped advancers, leaping 2.29% and 1.66% in a row.

As for stocks, gainers outperformed losers 124 to 41. Wataniya Insurance led the way in gains, surging 9.67%. Meanwhile, Walaa was the major disappointment, sliding 1.71%.  

Turnover declined 4.7% from SAR 5.5 billion to SAR 5.3 billion, and traded volume fell 12.5% from 284 million shares to 248 million shares.

Translated by Abdul Maguid Aboshahla