Saudi Stock Market Daily Report 06-06-2012

Global markets move higher

The US markets closed with moderate gains on Tuesday as better-than-expected economic data improved investor sentiments. The ISM Services index came in at 53.7 in May, a touch higher than estimates, suggesting a pick-up in activity in the sector. Asian markets are also trading with significant gains this morning, supported by the news that Australia’s GDP grew by 1.3% during the first quarter of 2012, while economists’ expected an expansion of 0.6%. The Nikkei 225 index is up 1.3% at 12:40pm JST, while the Hang Seng is trading 0.8% higher.