Shares rise in Saudi on earnings outlook


29/03/2009 00:00 AST  Bloomberg

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.”

Market News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL
Most Viewed Companies
Ticker Price Volume
EEC 86.96 7,884,595
RIBL 18.36 3,745,755
EMAAR 9.72 9,270,309
MMG 12.55
ARTC 4.23 192,972,723
SECO 16.25 5,907,674
HAMMADIINVEST 49.2 157,360
Recent News

Saudi Arabia’s Petromin mulls initial public offering
Petromin, the Middle East's oldest lubricants company, may sell shares to the public next year after Saudi owner Dabbagh Group cancelled a proposed 20 per cent stake sale, two people familiar with th

Commercial Bank fund wins ‘Qatar Equity Fund of the Year’
Commercial Bank’s Al Waseela fund (F-Class) has won the prestigious ‘Qatar Equity Fund of the Year’ award for 2013 at the ‘Zawya Mena Asset Management Awards’.

The Al Waseela Fund (Q-Class

Abu Dhabi banks’ profits soar on loan growth and fee incomes
Three leading Abu Dhabi banks led by National Bank of Abu Dhabi (NBAD) on Tuesday showed strong growth in profits supported by rising interest and non-interest incomes and consistently declining non-

DAMAC latest project sells out in one night
The latest project to be launched by luxury real estate developer, DAMAC Properties, has sold out in just one evening.

Nearly 300 luxury apartments in Loretto, which is located in Downtown

GIS H1 net profit rises 58% to QR463.7mn
Registering growth across all portfolios of its business, particularly drilling operations, Gulf International Services (GIS) posted a record half yearly net profit of QR463.7mn, up 58% on QR170.6mn

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?