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
SIPCHEM 14.35 98,532
ALMARAI 55.75 49,613
SABIC 84.25 2,737,208
RIBL 11.05 716,701
TAWUNIYA 83 103,339
GFH 0.24
STC 62.5 86,577
Recent News

China factory activity grows at slower pace
Activity in China’s manufacturing sector expanded for the second month in a row in April but only marginally, an official survey showed yesterday, raising doubts about the sustainability of a recent

Al Baraka supports Bahrain initiatives
The Bahrain-based leading Islamic banking group, Al Baraka Banking Group, reaffirmed its support for the efforts made by Bahrain to develop relations with its sister Arab countries.

On th

Oil price bottoming depends on global growth: IEA chief
International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern.

Oil price

Oman's banks, telecom service providers perform well in first quarter
Omani banksand telecommunication service providers have performed well among listed firms on the Muscat bourse during the first quarter of 2016.

Reported growth in total net earnings by Om

‘Global growth to influence wealth fund withdrawals’
Global economic growth will determine whether sovereign wealth funds withdraw further funds from global markets, according to ADS Holding chairman Mahmood al-Mahmood. Funds are “there to act as a to

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?