Saudi's SASI Poised For Further Upside

Saudi Arabia's benchmark SASI stock index has been trading flat below 8,400 since late November, when moderation in oil prices put a dampener on previously surging investor sentiment. Despite its failure to break through this level so far, we remain cautiously optimistic that it will do so in the medium term. The key support level to watch would bet 7,900, a break of which would give cause for concern. However, for the moment the uptrend is still in place and despite a 228% rally since January 2003, we see little reason for the bourse to continue lagging behind its Gulf

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