The main index had risen in the Tuesday and Wednesday sessions by 1.3% and 1.6%, respectively, while the stock market was closed on Thursday to celebrate the 6th of October.
Ibrahim Al-Nimr, head of the technical analysis department at Naeem Securities Brokerage, believes that the index is now moving towards a major resistance point, which is 11,500 points, after it had been for about a month and a half trying to surpass the main resistance point at 11150 points, indicating that continuing to rise It means that the index will move in the coming period towards 11750 points, then 12000 points.
Most of the major Arab markets rose, as the indices of Dubai, Saudi Arabia and Kuwait first rose by 0.42%, 1.2% and 0.96%, respectively. Abu Dhabi index fell by 0.44%.
Last week, US markets, which are a leading indicator of most global markets, closed higher on Friday, as the S&P 500 and Nasdaq recorded their biggest weekly percentage gains since July, in light of the growing optimism about more financial aid.
Talks on a coronavirus-related stimulus package are expected to continue, even though House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin today failed to reach an agreement.
The Dow Jones Industrial Average rose 0.57% to 28,568.9 points, the Standard & Poor’s 500 Index closed by 0.88% to 3,477.14 points, and the Nasdaq Composite Index increased by 1.39%, to 11,579.94 points.
On a weekly basis, Standard & Poor’s posted a 3.8% increase, and Nasdaq gained 4.6%, which are their two biggest percentage weekly gains since July. The Dow Jones advanced 3.3%, its biggest weekly gain since August.
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