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
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
ABNIC 2.5
RIBL 14.43 443,699
ALMARAI 84.59 297,011
SABIC 77.76 6,151,692
EMAAR 6.42 10,430,398
SPIMACO 34.58 298,609
SAGRINSURANCE 19.01 353,868
Recent News

Abu Dhabi's First Gulf Bank Said Raising $1 Billion Loan
First Gulf Bank PJSC, the United Arab Emirates’ third-biggest bank by assets, is seeking to raise about $1 billion from a syndicated loan to boost lending as liquidity in the economy tightens, two ba

UAE stocks higher at close of trade; DFM General up 1.61%
United Arab Emirates stocks were higher after the close on Thursday, as gains in the Services, Real Estate & Construction and Finance & Investment sectors led shares higher. At the close in Dubai, t

Emaar Pushes On With Creekside Despite Slumping Dubai Property Market
Emaar Properties is offering hundreds of new luxury homes in Dubai that could sell for as much as 3.8 million dirhams ($1 million) each just as the city’s residential real estate market posted the wo

Saudi Arabian Industrial Investments names CEO
The recently formed Saudi Arabian Industrial Investments Company (SAIIC) has appointed Rasheed M Al-Shubaili as its chief executive officer (CEO) with effect from September 1.

Abdullatif A

SABIC cuts steel prices by SR 200 in all the regions of the Kingdom
The Saudi Basic Industries Corporation ( SABIC ) announces the reduction in the retail price of rebar by SR 200 per ton in all regions of the Kingdom, effective Tuesday, September 1, 2015. Abdulaziz

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?