GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
BKSB 0.14 275,822
DSI 0.39 45,711,538
ALINMA 16.41 24,441,807
DAMAC 3.84 686,475
ALKHODARI 9.95 301,307
DANA 0.6 9,001,191

Market Review and Outlook

Source: NCB Capital

TASI Maintains Weakness

Saudi stocks continued their downtrend breaking the key support level by shedding 231.7 points and sliding by 4.85% over the past week. So far, the Saudi stock market has fallen by around 8.71% since the beginning of the year, and is nearly 56% down in the 12 months ending Feb. The market is still under stress on weak Saudi corporate earnings reports for 2008 and worries about the ripple effect of a global economic slowdown on Saudi oil exports and financials of the export oriented listed companies. Moreover, concern has mounted over the extent to which prices will fall before investors return with a “strong buy” interest. For the time being, a negative bias with little optimism prevails in local markets. With current market capitalization of SAR819 billion, about 47% of nominal GDP in 2008, the equity market appears to be fairly priced at a market earnings multiple of 8.90 (PE) and a price to book value of 1.43 on 25 Feb 2009. We do not foresee a spring recovery in Mar, as rather tighter domestic bank lending conditions and steadily depressed oil prices shake confidence levels in local markets.

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