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.”

Market News
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 23.83 305,927
SABIC 87.55 6,693,487
ALKHODARI 21.91 3,013,825
RIBL 13.79 962,095
TAWUNIYA 93.96 100,052
EEC 30 4,077,164
STC 67.16 864,543
Recent News

Al-Rajhi Bank Q3 profit rises on lower expenses
Al-Rajhi Bank posted its first quarterly rise in net profit in nine quarters helped by lower expenses, Saudi Arabia’s second-largest listed lender by assets said.

Net profit rose 3.6 percent

Prince Alwaleed and French PM discuss economic ties
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received at his office in Riyadh French Prime Minister Manuel Valls.

He was accompanied by Stéphane Romatet, diplomatic

SAGIA keen to double French investment across Kingdom
Saudi Arabian General Investment Authority (SAGIA) has identified attractive opportunities for foreign investors, its Director Faisal Bafarat told the delegates at the investment forum.


Diyar signs new designing accord
Urban developer Diyar Al Muharraq has signed an agreement with infrastructure services firm AECOM, for comprehensive primary designing of infrastructure within the master-planned development.

Bahraini technology startup launches online travel portal
Ezytrips, a Bahraini homegrown technology startup, has launched an online travel portal eyeing a share of the growing online bookings business.

Drawing inspiration from, www.e

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


Looking ahead, what change you are more likely to make in investing in your domestic stock market?