Stocks Set To Extend Gains

Saudi Arabia's Tadawul All Share Index (TASI) continues to trade comfortably within a multi-month upward-sloping trend channel, confirming our expectation that disappointing Q409 banking sector results would only temporarily dent the index's ascent. Positive technical signals point to further gains going forward, buttressed by long-term support at 6,250. We are highlighting a new target around the 2009 peak level of 6,578. A significant break above this resistance in the coming weeks will be crucial in setting up the next leg of the rally.

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