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Basic Chemical Industries (BCI) is a prominent chemical company, headquartered in Dammam, Saudi Arabia. It plays a significant role in the country’s chemical industry, manufacturing and supplying a wide range of Chemicals; and Adhesives and Other Materials segments, for various sectors. The Chemicals segment manufactures and sells industrial chemicals, such as hydrochloric acid, caustic soda, chlorine gas, sodium hypochlorite, and polyurethane chemicals. The Adhesives and Other Materials segment manufactures and sells ferric chloride, hot and cold melt adhesives, and sulfuric acid. BCI is also involved in the purchase, formulation, processing, import, export, marketing, distribution, and acting as an agent for the sale of its products, which makes it a key player in driving economic growth and supporting the development of Saudi Arabia’s industrial sector.
BCI — TASI —
Current RSI of this stock is 67.88, which indicates the strength of buyers.
The short length exponential moving average (10 EMA) has crossed the long length exponential moving average (20 EMA) from the below, generates bullish signal. Last day’s candle has closed above all these moving averages. This suggests buyers are taking interest in this stock.
MACD line has crossed the signal line from the below, generates bullish signal.
Based on our advice, Basic Chemical Industries may rise to SAR 34.5 to SAR 35 in the next 8 to 10 trading sessions, creating an opportunity to profit by trading KSA stocks.
Arijit Banerjee CMT CFTe is a seasoned expert in the financial industry, boasting decades of experience in trading, investment, and wealth management. As the founder and chief strategist of Naranj Capital, he’s built a reputation for providing insightful research analysis to guide investment decisions.
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