MARKET TALK: Saudi Shrs End +0.2%; Bargain Buying Helps Recovery

Saturday, May 12, 2012

1238 GMT [Zawya Dow Jones]--Bargain buying helps the Saudi market reverse sharp intraday losses to close higher. The main Tadawul Index rises 0.2% to 7233.20, led by petchem stocks. The market had lost some 4.5% since the beginning of May to Wednesday's close. The benchmark index finds some buying support around its 100-day simple moving average of 7107, notes NCB Capital; says faces resistance at 7280 and 7310 in the near term. Overall sentiment remains under pressure due to weak global equity and oil prices. (nikhil.lohade@dowjones.com)

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12-05-12 1244GMT