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Saudi index hits 4-week high over Q2 results
Published in The Saudi Gazette on 04 - 07 - 2011

Saudi Arabia's shares hit a four-week high, as investors built positions ahead of second-quarter earnings.
The benchmark edged 0.1 percent higher to 6,660.17 points, its highest close since June 1.
"Banks are starting to make a move, expectations on earnings look pretty decent," said a Riyadh-based fund manager on condition of anonymity.
"Investors will concentrate on what's going on locally. Things are looking good," he added.
Al-Rajhi Bank, the largest Saudi bank by market value, gained 1 percent and Riyadh Bank rose 1.7 percent.
Saudi Basic Industries Corp. (SABIC) and Saudi Arabian Fertilizers Co (Safco), two of the largest petrochemical stocks by market value, also rose 0.5 and 1.2 percent respectively.
Property stocks helped Dubai's index make its largest one-day gain in 15 weeks and Qatar shares also end higher.
Dubai's index rose 2.4 percent to 1,553 points, its biggest gain since March 20. Emaar Properties and contractor Drake & Scull each added 3.6 percent, while builder Arabtec gained 3.1 percent.
The UAE extended visas for real estate investors to three years from six months Tuesday, spurring a rally in property stock.
Abu Dhabi Property stocks also rose, helping the UAE capital's index climb 0.2 percent to 2,708 points.
Aldar Properties and Sorouh Real Estate add 3.2 and 3.3 percent respectively.
Qatar's benchmark QSI climbed 1.4 percent to 8,478 points, its highest close since May 22. "The big catalyst will be results,' said Hani Girgis, assistant chief dealer at Dlala brokerage. "Expectations are positive, especially with banks."
Many analysts are bullish on second-quarter earnings, backed by Qatar's burgeoning economy, with gross domestic production forecast to grow by 16.7 percent in 2011, according to a Reuters June poll.
Qatar National Bank climbed 2.2 percent, Industries Qatar rose 1.7 percent and Qatar Telecommunications gained 2.4 percent. Elsewhere, Kuwait's index slipped 0.6 percent to 6,173 points, its lowest close since March 8.
Upbeat global sentiment boosted Oman's shares to a higher close Sunday after positive US data encouraged investors to extend a Greece-inspired rally for a fifth day, but volumes in Muscat slumped to an 11-day low.
Oman's index MSI rose 0.3 percent higher at 5,933 points, rising for a second session from Tuesday's 18-month low.
"The mood is slightly up but it's not supported by volumes," said Adel Nasr, United Securities brokerage manager. "Contribution from institutional investors is very low. Traders are waiting for announcements of results." Al Anwar Ceramic Tiles rose 2.1 percent on high interest. The company is expected to kick-off second-quarter earnings season in the coming sessions.
Bluechips Bank Muscat gained 0.1 percent and Oman Telecommunications climbed 0.3 percent.
Bank Muscat, Anwar Ceramic, Jazeera Steel and Ahli Bank were the top stock picks, said Nasr.


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