Saudi Arabia, in its drive to enrich Arab culture, launches Arab Week at UNESCO in Paris    Civil Defense warns of thunderstorms hitting most Saudi regions until Saturday    Jeddah Mayoralty reclaims 18 government land sites on the North Obhur waterfront    Neymar exits Al Hilal match with muscle injury, leaving fans disappointed    Quality of Life Program CEO highlights Saudi urban transformations at UN-Habitat conference in Cairo    AlHisn Big Time Studios unveiled to transform film and TV production in Riyadh    Saudi Aramco's Q3 net income falls 15.5% to SR103 billion amid a jump in annual cash flows    Saudi Arabia approves cooperation agreement with US for the use of outer space for peaceful purposes    Almarai wins 'Best Corporate Sukuk' at Asset Triple A Islamic Finance Awards    Top climber falls to death after rare Himalayan feat    US voters flying home in time for election    Elon Musk can keep giving $1m to voters, judge rules    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Quincy Jones, titan of US music, dies aged 91    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    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    Muted Eid celebrations for millions of Nigerian Muslims    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 stocks steady amid Q2 earnings
Published in The Saudi Gazette on 17 - 07 - 2010

Gulf stock markets closed the week higher, drawing momentum from semi-annual results and gains scored by global markets.
However, analysts believe regional markets will continue to be ‘psychologically linked' to world economies.
Saudi shares rallied most of the week mainly on earnings of the banking sector, but retreated on the last day of trading week on what analysts described as profit taking.
The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange gained 1.95 percent on weekly basis, closing at 6,174.74 points.
Investors appeared to be waiting for the release of the half-year earnings of the petrochemical sector, particularly the Saudi Arabian Basic Industries Corp. (SABIC), according to Abdullah Baeshn, chairman of the Riyadh-based TeamOne Financial Investments group.
Analysts believed SABIC's second quarter results and Saudi Arabia's macroeconomic figures would give further momentum to stocks in the coming weeks.
“I think Arab markets will retain their psychological linkage with developments of the world economy, particularly in the United States and Europe,” one analyst said.
“Therefore, I believe the worsening outlook of the US economy will have a negative impact on Arab markets, which are inclined to focus on what happens abroad rather than on fundamentals of listed firms,” he said.
The week's rebound could provide a chance for profit taking and speculative tactics with investors having a close watch on outside developments.
He said that oil prices would be reckoned with as one of the key factors that decide the direction of regional markets.
Kuwait's KSE all-share index closed week 1.3 per cent higher at 6,513 points.
Dubai's benchmark rose 1.4 percent, closing at 1,520 points, amid reports of a new round of talks between Dubai World and its debtors.
Abu Dhabi's all-share index closed week marginally lower, at 2,523 points.
Meanwhile, US stocks slumped Friday.
The Dow Jones industrial average fell more than 150 points in late morning trading, and other major market indexes were also down more than 1 percent. Interest rates fell in the Treasury market as investors once again sought out the safety of government securities. – SG/AgenciesThe market fell at the opening after Citigroup Inc. and Bank of America Corp. released earnings. The two banks, like JPMorgan Chase and amp; Co. a day earlier, reported higher earnings as losses from failed loans fell. But they are also seeing lower trading revenues because of the stock market's plunge this spring.
Stocks fell further after a twice-monthly survey from the University of Michigan and Reuters found that consumers' gloom is increasing. An index of consumer sentiment compiled from the survey fell to 66.5 in early July from 76. That was a bigger drop than expected.
“It's mostly about the poor consumer confidence numbers,” said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. “The possibility of a double dip also starts to come to mind” for investors, he said, referring to a phrase that describes the economy falling back into recession.
Typically low summer volume Friday intensified the market's losses, he said.
“We're going to see more volatility, days when there are 2 percent swings,” Conroy said. “The economy is OK. But the one concerning part of it is jobs _ that's the reason why you have poor consumer confidence.” Citigroup's shares were off nearly 4 percent in early trading while Bank of America was off more than 6 percent.
General Electric Co. fell 3 percent despite delivering stronger earnings and a healthy outlook before the market opened.
Stocks had struggled to a mixed finish Thursday after being down for much of the day on disappointing regional manufacturing reports for the Northeast. Much of the deficit was erased late in the day as news began to circulate that Goldman Sachs Group Inc. had settled civil fraud charges with the government over its dealings with subprime mortgage securities.
However, while investors were relieved that Goldman was putting the case behind it, they were again confronted Friday by larger ongoing worries: the economy and the future of the banking industry now that Congress has approved the banking industry overhaul bill.
In late morning trading, the Dow Jones industrial average was down 157.05, or 1.5 percent, at 10,202.26. The Standard and amp; Poor's 500 index fell 17.99, or 1.6 percent, at 1,078.49.
The Nasdaq composite index fell 38.26, or 1.7 percent, to 2,210.82 About six stocks fell for every one that rose on the New York Stock Exchange, where volume came to 500 million shares.
Bond prices rose in what's known as a flight to safety.
__


Clic here to read the story from its source.