Wednesday 30 March 2011

Saudi Arabia closes up, bouyed by earnings hopes - Stocks - ArabianBusiness.com

Saudi Arabia's index edged higher, rising for the fifth day in seven on upbeat expectations for first quarter earnings but gains may be limited.

The benchmark rose 0.7 percent to 6,563 points and is up 10.5 percent in March.

"For short-term technical indicators, we do show a diversion on the volume indicator, which indicates high possibility of market correction down to 6,380," said Youssef Kassantini, a Saudi-based financial analyst. "Overall, we do expect a pull back for the next seven to ten days."

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