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Tasi at debut of year-end rally?
- United Arab Emirates: Sunday, December 02 - 2012 at 19:40
The Saudi Arabian equity gauge gained for the second day straight Sunday, closing 0.30% higher at 6,708 points. The positive momentum was triggered by Saudi King Abdullah's first appearance on TV last Thursday, ending speculations and rumors about the monarch's health after he had back surgery on Nov. 17. Rising oil prices, which added 2.44% in the last four weeks (U. S. crude) also raised the buyers' mood in Riyadh. With today's advance, the market measure Tasi has crossed the middle Bollinger Band, increasing the probaility of gaining further. The middle Bolliger band is calculated with a simple moving average, usually set at the base of 20 periods. With the help of Bollinger Bands, traders can measure the intensity of a rise/fall of an index or a stock and the underlying's degree of being oversold/overbought. Shares of market bellwether SABIC also edged higher by 0.30% to hit SR89.25. Riyad Bank slipped 0.43% to close at SR22.90. Earlier in the day, the Capital Market Authority said it approved the request of Riyad Bank's investment arm Riyad Capital Company to increase its capital from SR200m to SR400m.
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Gérard Al-Fil, Financial JournalistSunday, December 02 - 2012 at 19:40 UAE local time (GMT+4)
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