Shares rise in Saudi on earnings outlook


29/03/2009 00:00 AST

Saudi Arabian shares rose in the week’s first day of trading yesterday, led by Saudi Basic Industries Corp, on expectations of positive first quarter results.

The Tadawul All Share Index advanced 2.4% to 4,752.37 in Riyadh. It has fallen 1% this year, after losing more than half its value in 2008 as oil prices dropped. Sabic, the world’s biggest chemical maker by market value, climbed 5.9% to 43 riyals. Al-Rajhi Bank, the largest lender in the kingdom by market value, gained 1.9% to 52.75 riyals, valuing it at 79.1bn riyals ($21bn).

Savola Al Azizia United Co, Saudi Arabia’s largest food producer, jumped 9.8% to 20.8 riyals.

“Investors are optimistic about the first quarter results,” Abdulla al-Aqil, a trader at Samba Financial Group, said in a telephone interview yesterdas from Riyadh. “The rumor on the market is that they are going to be good, so that’s why it’s doing well. US stocks also had a positive impact.”

The Standard & Poor’s 500 Index gained for a third week, pushing it toward the biggest monthly advance since 1991, after a government plan to rid banks of toxic assets and improving economic reports ignited a rally that sent the US stocks benchmark into a bull market.

Saudi Cement Co, the second-largest seller of building materials in the kingdom by market value, climbed 7% to 57 riyals. The company on Wednesday approved a cash dividend of 3.5 riyals a share for 2008.

Riyad Bank rose 5.4% to 21.3 riyals, making its biggest gain since November 29 last year. “The Saudi stock market will continue its narrow fluctuation while investors will be eyeing the upcoming corporate results of listed companies,” Bakheet Investment Group said in its weekly stock market report on Wednesday. “They will be following news of the international market closely, especially that of the US to build a clear perspective about the market’s future performance under the current economic conditions.”

Bloomberg
Market News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
BKMB 0.4 806,839
QNBK 155.1 81,271
EEC 21.82 1,358,832
TAWUNIYA 85.5 60,149
RCCI 1.5
RIBL 10.32 315,145
EMAAR 7.11 2,184,290
Recent News

Bank Muscat requests all customers to replace their current debit card
Bank Muscat, the flagship financial services provider in the Sultanate, requests all customers to replace their current debit cards with the new Chip and PIN debit cards featuring advanced security f

QFMA receives 11 acquisition requests
Qatar Financial Market Authority (QFMA) has revealed that it received 11 requests for acquisitions and also said several violation cases were referred to its investigation committee. In its annual r

GCC firms urged to enhance internal capabilities
Corporate sector in the Gulf Cooperation Council (GCC) should strengthen their internal capabilities through mergers and acquisitions (M&A) to allow them become more competitive and contributor to th

Ooredoo continues to enhance support for small businesses
Ooredoo has continued to enhance the range of services and support available for small businesses in Qatar by running a series of campaigns to raise awareness on available solutions.

Ooredoo

Computer, electronic devices manufacturing grows in GCC
The GCC computer and electronic products manufacturing industry has achieved significant growth in the past few years, with the compound annual growth rate (CAGR) posting 4.8 per cent since 2011, a r

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?