The general index of the Saudi market closed its trading for the month of November on the rise of 1% at 7003 points, and last month was the completion of the disclosure season for the financial results for the past nine months where the results came in general positive for companies, where 167 companies announced the results of its results by adding consolidated profits reached to To reach 88.52 billion riyals, an increase of 12.85% over the same period of 2016. 79 companies recorded an increase in profits and 32 companies recorded losses while the profits of the other companies declined by different percentages.
Technical Road Map for the Saudi Market for December
The index closed at 7103 points on Wednesday 4 December
General Vision
We expect the same general recommendation to wait for profit taking areas which may extend from 7100 to 7177 points and expect further declines in the coming period. I expected the October Road Map to reach 6752 points. We have often confirmed this point and we have already seen the market reach it and then proceed to achieve trades. Above the 7100 level. We believe that the bearish process is not yet over and we expect a return to the 6500 levels. We may see the level of 6360 points, so we prefer caution over the next period.
