The Saudi stock benchmark Tadawul All Share Index (TASI) gained 0.27 percent to 6,830.31 Saturday.
The following stocks were active in Saudi Arabia’s market.
National Agriculture Development Co. (NADEC AB) climbed 1 percent, the biggest increase since Feb. 1, to SR31. The board of the Saudi Arabian producer of dairy products known as Nadec recommended paying a 2011 dividend of SR0.75 a share.
Saudi National Petrochemical Co. (Petrochem) gained 1.2 percent, the most since Jan. 29, to SR21. The company said its joint venture with Arabian Chevron Phillips Petrochemical Co. is likely to fully start up its Jubail plant in the second quarter.
Zamil Industrial Investment Co. (ZIIC) added 0.7 percent to SR30.20, the highest price since Feb. 14. The Saudi maker of building materials said its unit won a contract valued at SR245 million ($65 million) from Saudi Oger Ltd. to manufacture, supply and erect prefabricated villas for a housing project belonging to the National Guard in Riyadh.
Tadawul’s market capitalization increased by 2.34 percent to reach SR1.34 trillion compared to SR1.31 trillion last week as against a week ago. TASI added about 15 points, or 0.22 percent, last week ending Wednesday to close at 6,811.97 points, compared to the prior week, which closed at 6797.09 points. The market turnover lost 2 percent and traded 1.89 billion shares as compared to previous week’s 1.93 billion shares. The total value of traded shares reached SR42.3 billion as compared to previous week’s SR43.2 billion. The number of executed transactions reached 863.1 thousand as compared to 953.4 thousand transactions for the previous week, decrease of 9.5 percent.
Elsewhere, US stocks may strain to hold 9-month highs next week if upcoming earnings from US retailers are as unimpressive as the rest of the profit season has been.
“Earnings have generally come in more disappointing than they have been,” said Robbert Van Batenburg, head of equity research at Louis Capital in New York. “I don’t think there’s a lot of fireworks coming” from next week’s financial results.
The index ended Friday at 1,361, its highest since May 2011. A break above 1,370 would put the S&P 500 at its highest since June 2008, before the September 2008 collapse of Lehman Brothers.
The CMA has issued its resolution approving the prospectus of Arabian Waterproofing Industries Company and the initial public offering of (8,189,994) shares representing (30%) of the Company’s share
A smart recovery was witnessed on the Muscat bourse after retail investors entered the market to purchase blue chip stocks.
Also, strong movement in telecom and banking stocks lifted the M
Times of Oman
The UAE markets continued to remain sluggish on Wednesday awaiting fresh triggers, but maintained their overall positive outlook.
Traded value dwindled to Dh162 million, down from an average
Shares on the Muscat bourse recovered on better support from local investors. The benchmark MSM30 Index increased and closed at 4,997.53 points on Tuesday, higher by 0.21 per cent. The MSM Sharia Ind
Times of Oman
Qatar’s stock index came slightly off a five-year low yesterday as local funds intensified their buying of those shares, snapping the 11-straight sessions of losses.r> Local investors have been net