Outlook of Tadawul remains positive: KAMCO

While there could be some short-term fluctuations in Saudi Arabia’s Tadawul All Share Index (TASI), the overall picture of the market remains positive, KAMCO Research noted in its latest technical analysis report on Tuesday.

On Monday, TASI fell for the second consecutive day, closing 0.3 percent, or 22 points, at 8,570 points, the research noted.

“The index approached the horizontal line at 8,700 point after breaking the strong resistance level at 8,500 point,” the report noted, adding that “a break above 8,700 point will lead to the resistance zone at 8,930 point-9,000 point.”

However, it said, back below 8,500 point would trigger some downward correction and target 8,267 point, adding that “Medium-term and long-term investors can stay in the market as long as the index is closing above 8,050 point and 7,800 point, respectively.”