TASI declines 3.3% in week, market cap down SAR 55bn

TASI declines 3.3% in week, market cap down SAR 55bn
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Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) ended the week’s trade on a decline as the main index lost more than 250 points.

The Tadawul All Share Index (TASI) lost 3.3% and closed at 7,403.15 points.

The market capital decreased by SAR 54.6 billion ($14.6 billion), and totalled SAR 1.734.6 trillion.

TASI is targeting a short-term resistance level at 7,540 points, market analyst Safaa Faris told Mubasher, noting that support levels are now at 7,350 and 7,290 points.

The expert also indicated that the Saudi bourse’s losses were attributed to the drop in global stock markets, which led to a negative sentiment and concerns among investors.

Traded volumes declined by 10.9% to 967.9 million shares, with turnovers slipping 5% and reaching a total of SAR 20.7 billion.

The majority of the market sectors settled near its previous levels, as banks led the gainers and added 0.04%, whole food retail was had the biggest decline and levelled down 0.05%.

Meanwhile, the Nomu-Parallel Market fell 2.46% and ended the week at the level at 2,992.28 points.

Traded values in the parallel market amounted to SAR 8.8 million, with volumes of 462,000 shares.