The Saudi stock market rose at the start of Tuesday’s session after its general index recorded the lowest closing level in more than two months yesterday, as analysts believe the market is approaching a major support area that could improve chances of consolidation and recovery. Mohamed Zidan, senior financial analyst at Al Sharq, says that technical indicators, such as the relative strength index, show that the market is approaching oversold saturation, raising hopes for the market’s consolidation around the 10,500-point support level, before recovering upwards. But he warned: “If the market closes below 10,250 points, which is a weak possibility in the short term, the decline may continue to test the level of 10,000 points.” The TASI general index opened trading with a rise of about 0.3% to 10,572 points, with all leading shares rising except for “SABIC”, which fell slightly. A quick recovery Wadah Al-Taha, a member of the National Advisory Council (CISI), expected the market’s recovery “to be quick due to the lack of strong resistance points, due to the recent decline in trading values ​​and volumes.” Al-Taha added during an interview with Al-Sharq: “I believe that the fourth quarter results for companies will also be positive, so I expect the market to recover during the next month.” Blue show for new listings: “Comprehensive Path” for Education shares fell 5% in early trading, before later rising about 2% to 20 rials. The company attracted subscription requests worth 61.6 billion riyals from institutional investors for a 30% stake. Yesterday, Shree Car Rental shares fell about 6% in its first trading session, but it made up for some of those losses by rising 1.8% in morning trade to 26.88 riyals. Majid Al-Khalidi, senior financial analyst at Al-Eqtisadiah newspaper, said: “Shree’s stock has fallen despite its appropriate repeatability and the company’s good profits, and it also shows the weakness of trader morale.” He explained that some of the stocks listed earlier in the year were characterized by high multiples compared to the market and corresponding companies, but they rose to the maximum in their first trading sessions, as sentiment towards the offers was stronger.