TASI rises for 4th week in row; market cap up to SAR 1.71tr

TASI rises for 4th week in row; market cap up to SAR 1.71tr
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Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) saw a positive performance for the fourth consecutive week, reaching its highest close since mid-September 2017.

The Tadawul All Share Index (TASI) rose 0.84%, gaining 61 points, as it closed at the level of 7,338.04 points.

The market capital of the main index stocks rose by around SAR 14.8 billion ($3.9 billion), reaching a total of SAR 1.711 trillion ($456 billion).

Traded volumes declined 27.6% to 15.4 billion shares, while values totalled SAR 3.08 billion, decreasing by 27.6% compared to the week before.

The average volume was down 29.7% to 165.8 million shares per session.

As for the market sectors’ performance, 11 indices ended the week in green, led by retail that increased by 2.8%, followed by transport with 2.3%.

The main sectors, namely banks, materials, and telecom, all went up by 1.8%, 0.93%, and 0.01%, respectively.

On the other hand, nine sectors ended the week in red, with REITS losing 2.3%, and insurance decreasing by 1.4%.

Analyst Safaa Faris believes the main index is targeting a short-term resistance level at 7,400, followed by 7,500 points.

Support levels range from 7,270, followed by 7,190 points.

Meanwhile, the Nomu-Parallel Market lost 1.5%, or 47 points, as it ended the week at the level of 3,109.75 points.

Traded volumes in the parallel market reached 305,000 shares, with a total turnover of SAR 6.7 billion.