GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,075 0.06
Med Cap4,125 0.08
Small Cap5,268 -0.02
Micro Cap9,048 0.23

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Ticker Price Volume
SABIC 97.58 2,990,166
QNBK 151.2 122,564
RJHI 65.51 1,578,223
RIBL 10.9 726,129
EMAAR 7.6 1,556,692
BKMB 0.47 475,000
EEC 22.03 953,560

Air Arabia Co.

Source: NBK Capital

The Saudi Cement Sector – Proxy for the Kingdom’s Growth

The Saudi cement sector appears to be on the few bright spots in an otherwise dull Gulf Cooperation Council (GCC) cement sector. Our view on the Kingdom’s cement sector is underpinned by the positive outlook on the country’s construction sector. However, we are a bit concerned about the expected oversupply and hence forecast range-bound cement prices over the medium term. Contrary to our mixed outlook on the sector, we are comparatively more positive on the financial performance of the Saudi Arabian cement companies in spite of our concern and stand on firm ground highlighting the sound financial health of local cement companies.

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