Saudi stocks remain afloat despite fall in oil prices

24/03/2015 08:26 AST

A rebound by Dubai builder Arabtec lifted the mood of investors in the United Arab Emirates stock markets on Monday, while other bourses in the Middle East moved very little as oil once again halted its advance.

Brent oil slipped 0.2 percent and traded near $55 per barrel after Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day, adding to concerns about global oversupply.

Saudi stock benchmark Tadawul All Share Index inched up 0.1 percent to 9,320 points.

Petrochemicals giant Saudi Basic Industries (SABIC), whose earnings are sensitive to oil prices, slipped 0.5 percent, but the kingdom's main stock index added 0.1 percent thanks to foodmakers Savola Group and Almarai .

Savola surged 6.7 percent to 73.75 riyals after plunging 10.1 percent in the previous two sessions because of a cut in its first-quarter profit forecast.

NBK Capital on Sunday upgraded the stock to "hold" from "sell", raising its fair value estimate 10 percent to 77.00 riyals on an improved medium-term outlook.

Dairy firm Almarai, in which Savola is the biggest shareholder with a 36.5 percent stake, rose 5.3 percent on Monday after Egyptian newspaper Al Borsa reported that the company planned to invest $400 million in the country.

According to the report, Almarai plans to expand its plant and build a new dairy farm, and is also eyeing acquisitions in the sector.


Saudi Gazette

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
DARALARKAN 13.47 74,648,349

Stock Market Info

TASI 7,871.67 71.90 (0.92%)

Valuation

Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Index Chart

Top Related Companies

Ticker Price Change
SABIC 114.77 0.02 (0.01%)
STC 83.41 2.09 (2.57%)
NCB 64.98 0.35 (0.54%)
RJHI 76.03 0.78 (1.03%)
SECO 20.62 0.12 (0.58%)

Recent News

Foreign investors pile into Saudi Arabia in March amid kingdom's FTSE upgrade

05/04/2018

Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r

The National

Muscat bourse gains lifted by activity in financial shares

05/04/2018

Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti

Times of Oman

Dubai bourse takes a hit in traded value

05/04/2018

Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s

Gulf News

Financial blue chips drive Muscat bourse recovery

04/04/2018

Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank

Times of Oman

Emaar Properties stock hits new one-year low

04/04/2018

Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap