By: Thabet Shehata

Riyadh – Mubasher: The Saudi Stock Exchange’s Tadawul All Share Index (TASI) closed Sunday 0.71% or 49.82 points lower reaching 6,937.94 points.

TASI is suffering lower trend on short-term, and this negative trend continues after dropping down 7,000 points on a weekly basis, market analyst Mohammed Ashemimry said.

If TASI recovers above 7,056 points which is considered a strong resistance point, this will a positive sign that the trading will be sideways-to-rising in the coming period, in light with anticipating the companies’ financial results, Ashemimry added.

TASI’s liquidity stood at SAR 2.15 billion ($573.87 million) on Sunday, against SAR 5.2 billion ($1.39 billion) on Thursday, while trading volume dropped to 100.65 million shares, against 160.36 million shares.

The current supporting levels of TASI are 6,950 points, and 6,840 points, while the level of 7,000 points is resistance level that followed with other resistance levels at 7,056, and 7,150 points, Ashemimry noted.

The food and beverages and pharmaceuticals sectors rose 1.32%, and 0.16%, respectively.

On the flipside, the utilities sector lost 1.97%, followed by materials with 0.38%, telecommunication services with 0.91%, and banks with 0.72%.

The Mediterranean and Gulf Insurance and Reinsurance Group’s (Medgulf) stock decreased 4.79%, closing at SAR 27.45, whereas the stock of Saudi Enaya Cooperative Insurance surged 7.55% to SAR 22.78.

In the meantime, NOMU, the main index of the Nomu-Parallel Market slid 3.04% or 93.23 points to reach 2,970.39 points, registering its highest losses since August 2017, or in two months.

Thob Al-Aseel Company’s stock went down 4.4% to SAR 60.20, whereas Development Works Food’s stock surged 12.4%, closing at SAR 66.

Translated by: Mohamed Hesham Azab