Saudi Arabia stocks inched lower after Monday’s session, fueled by losses in the sectors of the Media & Publishing, Multi Investment and Petrochemicals .
The Tadawul All Shares dipped to about 0.80% at the close in Saudi Arabia.
Al Sorayai Trading&Industrial Group is among the best performers amid session, which climbed 7.03% or 0.90 points to changed hands at 13.70 in late trade. Meanwhile, Nama Chemicals Co. gained 5.06% or 0.20 points to settle at 4.15 and Adrees Petroleum & Transport Svcs rose 3.69% or 1.40 points to finish at 39.30 at the close.
However, BURUJ COOPERATIVE INSURANCE CO is among the worst performers amid session, which declined 9.96% or 2.60 points to settle at 23.50 in late trade. Al-Ahsa Development Co. lost about 9.89% or 1.40 points to finish at 12.75 and Arabian Shield Coop Insurance Co dipped 8.30% or 4.10 points to 45.30.
Declining stocks outnumbered rallying ones on the Saudi Arabia Stock Exchange by around 133 to 34 and 4 remained unchanged.
February crude oil delivery posted losses of 2.07% or 1.12 to end the session at $52.87 a barrel. Elsewhere in commodities trading, March brent oil delivery declined 2.08% or 1.19 to settle at $55.91 a barrel, while the February Gold contract rallied 0.56% or 6.55 to changed hands at $1179.95 a troy ounce.
Meanwhile, EUR/SAR dipped 0.12% to 3.9455, while USD/SAR edged higher by 0.02% to 3.7517.
The US Dollar Index rose 0.23% at 102.40.
Dubai Index May Extend Gains
Dubai’s stock market is expected to extend gains as global markets soared, while Saudi Arabia’s index is likely outweighed by profit-taking ahead of fourth-quarter results and as slight movements in oil prices showed.
MSCI’s ex-Japan Asia-Pacific shares index rallied to 0.3 percent and Brend crude futures were changing hands at $56.83 per barrel in early trade, down by about 0.5 percent from Friday’s late trade.
Subsequently, Dubai’s main index stood at 3,962 points at the close, citing it is last seen in a bullish tone, trading above the 200-day simple moving average and ended on Sunday above technical resistance at the mid-December high of 3,659 points.
Thus, a second straight close above that level would likely confirm a break, which would leave the next chart barrier at the October peak of 3,740 points.
As stocks in Saudi Arabia inched lower and Dubai’s index is seen rallying, market participants are recommended to wait on the sidelines until the last chart barrier has confirmed a trend.
Get market insights and updates. and subscribe to our daily newsletter! FSM News provides accurate market knowledge and information.