Saudi Economic Association member Muhammad Al-Omran said yesterday’s session saw the Saudi stock market be exposed to profit-taking trades, but the market started to rise again before closing due to heavy buying and selling. of the change of position of investors.
Al-Omran added in an interview with “Al-Arabiya” that the market closed yesterday’s session above the 12900 point level, which is a positive indication.
Al-Omran indicated that the periodic review of the MSCI index had a positive impact and boosted buy trades rather than sell trades and position distribution.
Al-Omran explained that the number of companies entering the index is higher than external ones.
He said external factors are the main driver of the market downturn, but internal Saudi financial market factors have been positive in Terms of growth in corporate profits or the Kingdom’s economic growth and rising international oil prices.
He continued: “Although the Saudi market has lost 1,700 points in two weeks, this week he reduced his losses by 800 points. “
He said the market is going through a period of relatively simple profits, predicting that the market will continue to rise if it crosses the 12900 point level, and the market will enter in a new upward wave aimed at the levels of 13500 points in the short term.
Al-Omran added that if the market index continues in the profit-taking process and falls below 12,700 points, it could continue in profit-taking operations at lower levels.
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