Apr 26 2010 |
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Tadawul Index surges 2.33%
JEDDAH: After declining 2.33 percent last week, the Saudi stock market started the new week Saturday with a bang. The Tadawul All-Share Index (TASI) closed 1.87 percent higher at 6,855.82, led by petrochemical stocks, which rallied after a rise in oil prices and stronger outlook for economic recovery.The petrochemical index gained 4.14 percent to 6,563.12 points.
Shares in heavyweight Saudi Basic Industries Corp. (SABIC) surged 5.25 percent to SR105.25.
"The sector is drawing support from a surge in oil prices to trade above $85 a barrel amid signals of a stronger economic recovery in the US boosted the outlook for energy demand," said Mohammed Ishaq Ali, a fund manager at Al-Rajhi Capital.
Following last week's sudden drop, Saturday's market managed to recuperate all of last Tuesday's losses. However the indicators still show weakness, with the 5 and 20-day moving averages still negatively crossed, yet it is comforting to see that the lower Bollinger band did prove to be a sufficient support level, and that the market has managed to break above both averages, with a relatively strong liquidity of SR 5.22 billion, the FTH report said.
© Arab News 2010
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