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.”
The Qatar Stock Exchange yesterday opened the week strong to inch near 8,400 levels, mainly lifted by banking, industrials, realty and transport counters.
Local retail investors turned bulli
Post a busy week with focus on central banks and sovereign credit actions, we expect regional market participants to shift attention to German politics, Kurdistan referendum, and FTSE emerging market
The Dubai index breached the critical support level of 3,618 on Sunday, triggering selling in select shares, but analysts feel that more downside may be seen in coming weeks. The Dubai Financial Ma
Saudi Arabia equities were lower at the close on Sunday, as in the sectors propelled shares.
At the close of trading, the Tadawul All Share Index was unchanged 0.00%.
The biggest gainer
Shares of Abu Dhabi-listed Dana Gas fell sharply on Sunday after news that a London court hearing on its maturing sukuk issue would resume.
After several delays last week, a London High Cour