Arab bourses upbeat over G20 summit,


rising oil prices
04/04/2009 00:00 AST  Khaleej Times

Arab stock markets extended gains this week, buoyed by the G20 summit, rallies on global bourses and oil prices edging upwards, financial analysts said Friday.

“We believe that the G20 summit in London and gains scored by the Wall Street and other world markets have a positive impact on regional stocks,” Nizar Taher, head of brokerage at the Jordan Ahli Bank told the German Press Agency dpa.

“Arab stock markets, particularly in the oil-rich Gulf region, have affiliations with global markets and are set to benefit from the G20 summit’s adoption of a 1.1-trillion-dollar package to help revive the world economy,” he said.

Taher contended that the rising oil prices and the attractive low prices of Arab stocks would also help the recovery at the Middle East stock exchanges.

Saudi stocks rallied for the third week in a row this week amid a volatile performance with a limited range as listed firms prepared to issue their results for the second quarter.

The Tadawul All Share Index (TASI) of the Arab world’s largest stock exchange gained an additional 1.6 per cent this week, closing at 4,717.38 points.

TASI is currently 1.8 per cent lower than the year’s start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).

The report expected Saudi stocks to react favorably to the decisions of the G20 summit and the gains scored recently by the US and other global markets.

“However, the Saudi stock market will continue its fluctuations while investors eye the upcoming corporate results, particularly of the petrochemical and banking sectors for the first quarter of the year,” the BIG said.

Jordanian stocks also extended gains this week with improved confidence mainly due to efforts to ease the credit crunch by the Central Bank of Jordan.

The all-share price index of the Amman Stock Exchange went up 1.44 per cent this week, closing at 2,740 points, according to the ASE weekly report.

Kuwaiti shares also rallied for a second consecutive week, despite a decision by the market’s administration to suspend trading of 35 firms for their failure to publish their first quarter balance sheets within the set deadline.

The KSE all-share price index gained 2.3 per cent this week, to close at 6,909 points from 6,753 points last week.

The all-share index of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi gained 1.9 per cent on Thursday, but closed the week lower at 2,526 points from 2,554 points last week.

Egypt’s AGX 30 index, which measures the performance of the market’s 30 most active stocks, gained 2.8 per cent this week, closing at 4,364 points.

Market News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV
Most Viewed Companies
Ticker Price Volume
EMAAR 10 21,096,974
SPIMACO 44.7 498,396
SABIC 110.9 3,330,141
EEC 79.95
STC 74.34 806,321
SECO 16.95 1,874,457
RIBL 19.7 735,901
Recent News

S&P 500 Rallies to Record After Japan Boosts Stimulus
The Standard & Poor’s 500 Index advanced 1.2 percent to 2,017.73 at 4 p.m. in New York, topping its previous all-time closing high of 2,011.36 on Sept. 18. The Dow Jones Industrial Average rallied 19

Profits of petchem sector up 12% to SR28bn in 9 months
Net profits of the listed petrochemical sector firms rose by 12.1 percent to SR28 billon in the first nine months of the current year compared to SR25 billion in the same period last year, according

Saudi investors keen to promote UK trade ties
British trade envoy Lord Thomas King of Bridgwater CH introduced a number of joint investment opportunities for Saudi businessmen to promote trade between Britain and Saudi Arabia during his recent m

Strong response for NCB IPO
The initial public offering (IPO) of the National Commercial Bank (NCB) was 210 percent covered by the end of the 12th day, according to the financial advisers and lead managers GIB Capital and HSBC

Key safety milestone for Alba
Alba, a champion of workplace safety and health, yesterday announced that its Cast House has achieved 2,000,000 work hours without Loss Time Injury (LTI).

This demonstrates the company's c

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?