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 | AUG | SEP
Most Viewed Companies
Ticker Price Volume
SPIMACO 51.99 491,273
EMAAR 11.6 22,703,068
STC 74.25 724,318
WALAA 35.13 1,329,052
ALMARAI 81.84 1,059,298
MESC 20.13 1,947,344
RIBL 21.59 1,140,195
Recent News

Dubai SME launches Equity Investment Initiative
Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has launched an Equity Investment Initiative. The init

Dollar rises; pound sells off after Scotland vote
NEW YORK: The dollar advanced Friday against other major currencies, while the British pound retreated despite Scotland's vote against breaking from the United Kingdom.

The greenback hit a

Yellow lights flash for China's economic outlook
TOKYO -- The outlook for the Chinese economy is drawing stronger attention amid a series of indexes flashing yellow for its recovery. One such warning is the five-year-and-eight-month low in industri

Gold Falls on Equity Rally; Silver Drops to Four-Year Low
Gold futures fell to an eight-month low as equities surged to a record, crimping demand for the precious metal as an alternative asset. Silver tumbled below $18 an ounce to the cheapest in four years

WTI Falls Third Day on Dollar Strength as Supply Rises
West Texas Intermediate crude fell for a third day on rising U.S. inventories as a stronger dollar weighed on commodity prices. Brent futures rose on supply risks.

Stockpiles increased las

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?