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
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 97.37 2,673,609
OOREDOO 1200 76,670
EMAAR 7.59 3,995,659
EEC 21.89 592,684
ZAIN.TASI 9 3,532,437
DIB 6.2 7,618,027
BAHRI 36.79 613,161
Recent News

A peek inside Qatar’s ‘gas capital of the world’
RAS LAFFAN, Qatar: Perched on a northern tip of Qatar, about an hour’s drive from the gleaming capital Doha and at the end of “Route 77,” stands the secretive city of Ras Laffan.

Behind its

Oman's Bank Muscat raising $500 mn through syndicated loan, say source
Bank Muscat, Oman's largest bank by assets, is raising $500 million through a syndicated loan, banking sources familiar with the situation said on Thursday.

The three-year loan refinances a

Dubai Islamic 2016 profit up 6pc to $1.1bn
Dubai Islamic Bank (DIB) has reported a net profit of Dh4.050 billion ($1.1 billion) for 2016, an increase of 6 per cent compared to Dh3.839 billion in 2015.

At the Annual General Meeting

QCB to track US rates as BMI sees another 0.25% hike in Qatar
The Qatar Central Bank will continue tracking the US Federal Reserve in its tightening cycle over the coming quarters, given the riyal’s dollar peg, BMI Research said and noted it expect another 25 b

United Arab Emirates stocks mixed at close of trade; DFM General down
United Arab Emirates stocks were mixed after the close on Thursday, as gains in the Services, Consumer Staples and Finance & Investment sectors led shares higher while losses in the Transport, Teleco

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?