SABIC keeps lacklustre Saudi bourse afloat

April 2, 2014 5:53 pm

The Tadawul All-Share Index closed 0.29 per cent higher at 9,537.83 points on Wednesday, April 2, amid moderate trading turnover. SABIC advanced 0.21 per cent to SAR118.25. Saudi Kayan Petrochemical Company advanced 0.90 per cent to SAR16.90. National Industrialization Company recorded the biggest drop, ending down by 4.42 per cent to reach SAR32.40. Earlier in the day, Emirates NBD’s CIO of private banking, Arjuna Mahendran, said: “The number of stocks in a bullish trend in the Bloomberg GCC 200 Index – the largest equity benchmark available – is running quite high at slightly below 80 per cent. Historically, when the percentage of bullish stocks exceeds 80 per cent, the market can be deemed to be overbought and a generalised retreat follows.”

Gérard Al-Fil