Surpassing resistance will push TASI to rise - Analysts

Surpassing resistance will push TASI to rise - Analysts
The Saudi Stock Exchange

Riyadh - Mubasher: Market analysts think that the Saudi Stock Exchange (Tadawul) has exceeded the downwards trend, as it surpassed the resistance level at 7,046 points, which will push the main index to rise.

By the end of last Thursday, the Tadawul All Shares Index (TASI) registered weekly gains of 0.34% or 23.5 points, and closed at 7,011.26 points, after declining for four consecutive weeks.

Technical analyst Mohammed Azeeb said that the Saudi exchange has ended a middle declining wave that began from the level of 7,430 points in 12 September in the bottom of 6,847 points in 12 October, losing around 580 points.

Azeeb added that the end of last week saw not only the rise of the main index, but also the rise of more than 80 stocks, compared to the fall of around 55.

Regarding liquidity levels, the analyst said that it amounted to more than SAR 2 billion, however, it relatively low, expecting traded values to rise in the upcoming week, noting that from a technical viewpoint TASI remains positive with a central resistance points at the level of 7,056 points.

Meanwhile, economic analyst Safaa Fares said that the main index is week on the short term, with a resistance level at 7,200 points that if exceeded will target 7,400 points, while the resistance level is at 6,940 points.