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Energy sector raises Tadawul index by 0.26%
Saudi Gazette
Published in The Saudi Gazette on 24 - 08 - 2010

The rise of energy and utilities sector index by 2.39 percent on Monday as a result of Saudi Electricity Co's approval of SR14.7 billion worth ($3.92 billion) of power projects to meet rising demand, sent the Saudi stock market benchmark Tadawul All Share Index (TASI) to rise 0.26 percent at 6,106.75 points.
Saudi Electricity surged 2.59 percent at SR13.85, its largest gain since July 24.
“Saudi Electricity's move sparked a rally in infrastructure stocks,” said a trader.
Saudi Arabia's Knowledge Economic City (KEC) closed 1.69 percent higher at SR9.05. KEC shares were listed on Aug. 9 at SR10.00 in a $272 IPO.
Saudi Cable Co rose 3.2 and Middle East Specialized Cables Co gained 1.7 percent.
In regional markets, Dubai's index climbed 0.6 percent to 1,500 points, its highest finish for two weeks, although volumes remained light.
Emaar Properties and Emirates NBD were the main supports as Dubai's index DFM ended higher to break above a psychological resistance level and further gains were forecast.
Emaar climbed 1.2 percent and Emirates NBD added 1.6 percent. Du ended flat to hold at Sunday's eight-week high.
“Du is moving up after its results, with accumulation from strategic investors, institutions and individuals,” said Samer Al Jaouni, general manager of Middle East Financial Brokerage Co.
This indicates investors are becoming more stock selective, rather than treating the market as one, Jaouni says, which should enable companies with strong fundamentals such as Du and Emaar to outperform.
“I think we might see some movement before the end of this week,” he added. “Global markets fell on Thursday and Friday, yet we didn't see any reaction regionally yesterday, which is a positive sign.”
Abu Dhabi's index ADI climbed 0.2 percent to 2,509 points.
Kuwait's index fell 0.2 percent to 6,675 points after trading in a 30-point range. It was down 4.7 percent in 2010.
Most banks had risen since Thursday after reports the government had given the go-ahead for banks to finance a KD30 billion ($104.2 billion) state development plan. This plan is likely to be backed by government guarantees. Commercial Bank fell 2.2 percent and Ahli United Bank dipped 1.9 percent.
Rami Sidani, Schroders Middle East head of investment, said regional markets should improve in the fourth-quarter, because this is when a large portion of government spending occurs.
“Governments usually start the year cautiously as they wait to see what the average oil price for the year is likely to be,” Sidani added.


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