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Tadawul closes Tuesday in green

Tadawul closes Tuesday in green
Main index closed at 6,107 points

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Tuesday’s trading session on a rise, after four consecutive declines, as the all-share index (TASI) gained 2.47% or 147.36 points and closed at the level of 6,107.05 points.

Traded volumes were at 258.6 million shares, with the number of transactions at 269,143 and a traded value of SAR 5.68 billion.

Newcomer, Sulaiman Al Habib, led the rising stocks and surged by 10% by the end of its first trading session on Tadawul, and logged the highest turnover with SAR 806.88 million.

Similarly, Wataniya Insurance and Ataa Educational went up by 10% and 9.94%, respectively.

On the other hand, SAICO led the losing stocks and dropped by 5.34%.

Alinma was the most actively traded stock with 29.77 million shares.

As for the market sectors, energy added 4.51%, while banks and materials increased by 2.6% and 2.25%, respectively.

The utilities sector was the only decline and fell by 0.54%.

The rise of Saudi stocks, comes despite losses in Wall Street and oil prices of more than 10%, according to economic analyst Saad Al Thaqfaan.

The analyst expects the oil market to strongly rebound, with positive expectations towards US stock markets reflecting on Tadawul as the benchmark index restored the 6,000-point level, as markets around the globe anticipate the impacts of the coronavirus (COVID-19) on the local and the global markets.

Meanwhile, market analyst Rayan Al Kharashi told Mubasher that Tadawul remains impacted by the global pandemic, as well as the decline in oil prices.

Al Kharashi expected the market to recover when a vaccine is discovered, or when the number of recoveries increase and the spread of the virus retreats, and when major producers agree on solutions regarding output policy.

A better rebound is foreseen, but the worst scenario is declining to the 5,600-point level or below, he further noted.