Although, the Bank Emirates NDB had relative exposure from a company acquisition led to a slide only to see a 2% price recovery at the close. In addition, share prices in Abu Dhabi and Baharain have slightly risen below a full percentage, and a contraction from Oman, Egypt and Kuwait have moved lower.
The period average at 7087 became the support area after breaking the 7220 & subsequently the index moved above 7450 for the breakout. These technical price range when it remains intact would provide the TASI to continue its ladder-like formation higher, but not without a few bumps ahead from external forces directly and/or indirectly related to the market.
The overall positive sentiments spearheading the recovery since the consolidation period of November 2017 came from Oil prices strength that led to support the index from a break out price level at 7380 which had held well since then from a technical perspective. But the overall initiatives taken by HRH Crown Prince Mohammed Bin Salman from his foreign meetings and conferences have paved the way for the market to be fundamentally driven. Click to Continue
Currently, TASI is above 8000. This just validated our market call last April. This is also without saying that the rest of the global indices are in the green with a high probability for Asia to follow through with some relative good conviction.
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