Petrochem dampens TASI

14/01/2014 09:28 AST

In Saudi Arabia, losses in the petrochemical sector overshadowed gains in some banks. Saudi stock benchmark Tadawul All Share Index (TASI) fell 0.03 percent on Monday to close at 8,711.87 points. Riyad Bank surged 4.7 percent to its highest since September 2008, continuing a rise that began on Wednesday when it posted a 27.2 percent jump in fourth-quarter net profit, beating forecasts.

“People are looking at Riyad as a long-term play, given the results and solid dividends,” said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC. “The market is differentiating between the banks in reaction to the results. The private sector credit growth is slowing down, which is going to have a bit of an impact in 2014.”

Saudi British Bank edged down 0.5 percent after posting an estimate-beating net profit rise of 20 percent.

Banque Saudi Fransi fell 2.3 percent to a three-week low of 33.70 riyals after it posted a surprise 66 percent slump in fourth-quarter profit, citing higher operating expenses and missing analysts’ forecasts by a big margin.

“Banque Saudi Fransi surprised negatively today, which we think is the result of a much higher provisioning at first look,” said Asim Bukhtiar, head of research at Riyad Capital. He added that the impairments were probably due to the bank’s exposure to the construction sector, which is seeing a slowdown in projects because of a labour shortage.


Saudi Gazette

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