MARKET TALK:Saudi Mkt Ends +0.3%; Faces Resistance Around 7000 Level

Tuesday, Aug 07, 2012

1248 GMT [Zawya Dow Jones]--Saudi's Tadawul market ends +0.3% at 6961.34; banks and petchem stocks lead the gains as euro-zone debt crisis fears start to fade. "There seems to be a bit of resistance around the 7000 level, the activity seems to be mostly in smaller companies, like insurance indicating more speculative trading rather than investing," says Alhassan Goussous, CEO for Bakheet investment group. Notes that the market "is not even following oil prices today, because prices are up reasonably well in the last few days but the stock market has been plus or minus and not trending at all." Given that the oil price is where it is and given the majority of companies posting good 2Q profits, reckons that the market should turn higher after Ramadan. (iman.dawoud@dowjones.com; Twitter: @ZDJnews)

(END) Dow Jones Newswires

07-08-12 1257GMT