Saudi shares gain ground on positive global news


19/02/2012 07:41 AST

The Saudi stock benchmark Tadawul All Share Index (TASI) gained 0.27 percent to 6,830.31 Saturday.

The following stocks were active in Saudi Arabia’s market.

National Agriculture Development Co. (NADEC AB) climbed 1 percent, the biggest increase since Feb. 1, to SR31. The board of the Saudi Arabian producer of dairy products known as Nadec recommended paying a 2011 dividend of SR0.75 a share.

Saudi National Petrochemical Co. (Petrochem) gained 1.2 percent, the most since Jan. 29, to SR21. The company said its joint venture with Arabian Chevron Phillips Petrochemical Co. is likely to fully start up its Jubail plant in the second quarter.

Zamil Industrial Investment Co. (ZIIC) added 0.7 percent to SR30.20, the highest price since Feb. 14. The Saudi maker of building materials said its unit won a contract valued at SR245 million ($65 million) from Saudi Oger Ltd. to manufacture, supply and erect prefabricated villas for a housing project belonging to the National Guard in Riyadh.

Tadawul’s market capitalization increased by 2.34 percent to reach SR1.34 trillion compared to SR1.31 trillion last week as against a week ago. TASI added about 15 points, or 0.22 percent, last week ending Wednesday to close at 6,811.97 points, compared to the prior week, which closed at 6797.09 points. The market turnover lost 2 percent and traded 1.89 billion shares as compared to previous week’s 1.93 billion shares. The total value of traded shares reached SR42.3 billion as compared to previous week’s SR43.2 billion. The number of executed transactions reached 863.1 thousand as compared to 953.4 thousand transactions for the previous week, decrease of 9.5 percent.

Elsewhere, US stocks may strain to hold 9-month highs next week if upcoming earnings from US retailers are as unimpressive as the rest of the profit season has been.

“Earnings have generally come in more disappointing than they have been,” said Robbert Van Batenburg, head of equity research at Louis Capital in New York. “I don’t think there’s a lot of fireworks coming” from next week’s financial results.

The index ended Friday at 1,361, its highest since May 2011. A break above 1,370 would put the S&P 500 at its highest since June 2008, before the September 2008 collapse of Lehman Brothers.

Saudi Gazette
Market News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 22.73 515,786
GFH 0.26 56,595
SABIC 83.37 4,683,848
QNBK 169.5 339,136
CHEMANOL 6.49 676,987
ALMAL 21.5 256,466
UPP 0.75 15,151,439
Recent News

Sohar Port’s container volumes grow 19 per cent in the first half
Oman’s Sohar port has achieved an 18.6 per cent growth in container volume in the first half of 2016, over the same period of last year.

The port has handled more than 313,000 twenty foot

Muscat bourse continues fall
Share prices on the Muscat bourse further declined on Tuesday. The MSM30 Index continued its negative run to close at 5,771.30 points, down by 0.14 per cent. The MSM Sharia Index ended at 890.12 poi

Oman’s logistics flagship to harness global expertise
Oman Global Logistics Group SAOC (OGL), the holding company set up by the government to deliver on the Sultanate’s ambitious logistics strategy, plans to tap international expertise in the developmen

Rouble pares first August advance
The Russian currency rouble pared its first August gain in a decade as the end of the monthly tax season removed support for the exchange rate.

Japan to fund Abu Dhabi’s Hail Oilfield project
Abu Dhabi Oil Company (ADOC) has signed a loan agreement with the Bank of Japan worth $378m to develop the UAE’s Hail Oilfield, UAE daily The National reported yesterday. The concession for this oilf

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?