Stocks Looking Weak

The Saudi All Share Index continues to look weak and with the bourse currently trading around 10,251, we expect the SASI to test key support around 10,000 over the coming weeks. Certainly, a fall through this psychologically key support level would be a negative sign in our view, and could set-up losses toward 8,000, in the first instance. Several sector indices look similarly poor, with the industrial, cement and banking sector indices either testing or approaching key support levels. The market has failed to show signs of strength over the past month, despite a rebound in global equity markets, and

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