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TASI rises 0.9% amid mixed forecasts

TASI rises 0.9% amid mixed forecasts
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By Mohammed Abu Meleeh

Riyadh-Mubasher: Tadawul All-Share Index (TASI) snapped a two-day decline on Wednesday, edging up 0.91% or 53.17 points to reach the 5927.36 level.

The bourse got a boost from the petrochemical sector which climbed 1.85%.

A total of 11 sectors moved higher, topped by the cement and building sectors which jumped 2.05% and 1.89%, respectively.

Technical analyst Ali Al-Zahrani said the index will likely show bullish performance in the next period, adding that the benchmark will test a psychological barrier of 6,000 points over the next period.

The current prices are attractive for investors, Al-Zahrani said.

Ahmed Ayyad, capital market expert, said the index is currently showing weak performance, adding that the gauge will face a key level of 6,000 pts and would target 6,200.

Traded value reached SAR 5.7 billion, a decline of 7.2% compared with SAR 6.2 billion on Tuesday. Trading volume also dropped 10.6% to 309 million shares from 346 million shares.

Round up equities, 131 rose, topped by Mubarrad which rocketed 9.89%. Meanwhile, 35 stocks declined, led by Tihama which dived 9.82%.

Translated by Abdul Maguid Aboshahla