Public Security chief launches digital vehicle plate wallet service    'Action is in our nature': 4th Saudi Green Initiative Forum to be held at COP16    Pop hit APT too distracting for South Korea's exam-stressed students    Saudi Arabia's inflation rate hits 1.9% in October, the highest in 14 months    Mohammed Al-Habib Real Estate Co. sets Guinness World Record with largest continuous concrete pour    PIF completes largest-ever accelerated bookbuild offering in MENA region    Saudi Arabia signs renewable energy program with Azerbaijan, Kazakhstan and Uzbekistan at COP29    Australia and Saudi Arabia settle for goalless draw in AFC Asian Qualifiers    Human Rights Watch accuses Israel of mass displacement in Gaza amounting to war crime    Thousands of protesters march in Paris ahead of tense football match between France and Israel    Republicans win 218 US House seats, giving Donald Trump control of government    UN sounds alarm at Israel's 'severe violations' at key buffer zone with Syria    Order vs. Morality: Lessons from New York's 1977 Blackout    Saudi, Indian foreign ministers co-chair Cooperation Committee meeting in New Delhi    South Korean actor Song Jae Lim found dead at 39    Don't sit on the toilet for more than 10 minutes, doctors warn    'Marvels of Saudi Orchestra' to dazzle audience in Tokyo on Nov. 22    Saudi Champion Saeed Al-Mouri scores notable feat in Radical World Championship in Abu Dhabi with support from Bin-Shihon Group    Rita Ora is tearful in tribute to Liam Payne at MTV Awards    France to deploy 4,000 police officers for UEFA Nations League match against Israel    Al Nassr edges past Al Riyadh with Mane's goal to move up to third    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gulf bourses close week mixed due to prospects
Published in The Saudi Gazette on 23 - 01 - 2010

Gulf stock markets showed variable performance this week amid diverse response of investors to earnings of listerd firms, particularly blue chips, financial analysts said Friday.
Saudi shares were the key beneficiaries from corporate profits and planned dividend distributions, but the United Arab Emirates stocks extended losses, reportedly due to sell-offs by foreign investors, they added.
Saudi shares extended gains this week, propelled by profits scored by the banking and petrochemical sectors.
For the week, Saudi stock benchmark Tadawul All Share Index (TASI) gained 1.9 percent, closing 0.21 percent on Wednesday at 6,382.04 points.
TASI is currently 4.3 percent higher than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG). The Saudi market drew momentum from ‘the outstanding performance of the banking sector' following the release of profits achieved by leading banks in the fourth quarter of 2009, the report said.
“The Saudi market was also positively affected by the annual results of blue chips, particularly the Saudi Arabia Basic Industries Corp (Sabic), which reported a 133 percent increase in its profits for the fourth quarter due to rising prices of petrochemical products,” it added.
BIG expected the Saudi stock exchange to “maintain its positive performance” in the coming weeks, with investors shifting positions to stocks capable of achieving growth.
Kuwait's KSE all-share index fell 1 percent this week, closing at 7,062 points, due to the decline of the banking index, analysts said.
The Dubai and Abu Dhabi stock exchanges plunged 3.2 percent and 2.6 percent, to close week respectively at 1,652 points and 2,637 points.
“I believe regional markets, particularly the Dubai and Abu Dhabi stock exchanges, are still coming under pressure from the Dubai World debt issue,” Nizar Taher, chief of brokerage at the Jordan Ahli Bank, said. “Besides, Arab bourses are affected by the fluctuating oil prices. The downward trend of crude oil prices had an apparent impact on regional markets this week.”
Taher and other financial analysts believed that the annual corporate results, particularly of blue chips, would remain the main moving factor for Middle East markets for the coming few weeks.
Egypt's AGX30 index gained 2.7 percent, closing the week at 6,864 points.


Clic here to read the story from its source.