GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,036 -0.08
Med Cap3,814 0.03
Small Cap4,859 0.05
Micro Cap8,126 -0.17

Research Reports

Quick Links

Most Viewed News

Most Viewed Companies

Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.2 1,101,899
GFH 0.59 99,270
EMIRATESNBD 7.96 235,332
DAMAC 3.06 2,229,322
MASQ 69
SABIC 102.33 6,566,984

Saudi Strategy

Source: NCB Capital

2010: Position for Outperformance

A Healthy Economy Offers Support to the TASI

• Recent Saudi budget data was stronger than expected, showing 2009 GDP grew by 0.1%. Coming out of the downturn, we believe the Saudi economy is emerging as one of the strongest in the region. A strong oil price and continued government spending should drive 4% GDP growth in 2010e.

• For 2009, oil averaged about $62 per barrel, down from near $100 in 2008. We expect an average price of $80 per barrel in 2010e, well above the estimated budget breakeven of $57/barrel.

• The Saudi government’s $49.6bn in stimulus measures, 13% of 2009 GDP (the largest in relative terms globally) has effectively shielded the economy from the global downturn, helping non-hydrocarbon GDP continue growth at 3% in 2009.

• In 2008, the government had unveiled a USD400bn 5-year investment and development program for key infrastructure projects in the Kingdom. The 2010 budget earmarks SR260bn (USD69bn) on investment projects, 16% above the 2009 budget level. This massive support should support company financials going forward and offer support to the TASI as well.


Click here to download the complete report
GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?