What's in it for FinTech startups in events like Biban24    Al Nassr and Al Hilal share points in intense Riyadh Derby draw    SFDA chief discusses investment opportunities in food and pharmaceutical sectors with Chinese companies    Riyadh's Sports Boulevard receives Platinum ActiveScore certifications    ImpaQ: Riyadh to host first Impact Makers Forum in December    Saudi Arabia ranks 12th globally in international visitor spending in 2023    Saudi Red Crescent air ambulance rescues injured camel herder in Qassim desert    Saudi Arabia refutes claims of rising worker fatalities, highlighting low work-related death rates    US says around 8,000 troops from North Korea are stationed in Russia's Kursk region    Spain mourns as death toll passes 150 in catastrophic floods    Seven killed in Israel in deadliest Hezbollah rocket strikes in months    Rapper Young Thug released from US jail after guilty plea on gang charges    Cyclists on phones face jail under Japan's new traffic laws    Hidden sugars in Asia's baby food spark concerns    Saleh Al Shehri strike seals Al Ittihad's Sea Derby win over Al Ahli    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    Derby Week makes its debut in the Roshn Saudi League    Al Nassr eliminated from King's Cup after a defeat to Al Taawoun    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    Indonesia Days event celebrates cultural diversity at Al Suwaidi Park    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 extend gains as concerns ease
Published in The Saudi Gazette on 25 - 09 - 2010

Gulf stock markets scored fresh gains this week, buoyed by reports that the US economy was slowly recovering and by stable demand for oil that has kept crude prices at around $75 a barrel over the past couple of weeks, financial analysts said Friday.
They pointed out that the nearing closure of the third quarter would also give impetus to markets mainly through window dressing moves that seek to improve the quarterly performance of financial services firms.
Saudi stocks rallied for the fourth week in a row, led by the petrochemical and banking sectors, as investors awaited the release of third quarter earnings.
The Saudi stock benchmark Tadawul All Share Index (TASI) gained 1.25 percent on a weekly basis to cross the 6,400-point psychological barrier and close at 6,434.90 points.
“It is quite clear that the Saudi market is still sluggish due to liquidity shortage and lack of professionalism in administering dangers,” said Abdullah Baeshen, board chairman of the Riyadh-based TeamOne Consulting.
He said that banks in Saudi Arabia and other Arab countries still had reservations on lending ‘despite strong fundamentals' enjoyed by Saudi Arabia, the world's largest exporter of oil.
“Despite profit-taking moves, Arab markets responded positively to reports that the US economy had surpassed recession in June 2009 and that it was well on its way to recovery,' Nizar Taher, head of brokerage at the Jordan Ahli Bank, told the German Press Agency DPA.
“I believe investors will be awaiting the third quarter results in the coming weeks, though the major factor affecting the direction of regional markets will be the restoration of confidence and getting rid of fears,” he said.
Taher said that the liquidity crunch and hesitation on the part of investment funds would remain an obstacle that impedes advancement of regional bourses.
Meanwhile, buoyant US industrial figures helped shore up sentiment in the markets, sending stocks higher Friday while the impact of the Bank of Japan's latest apparent intervention to weaken the yen proved short-lived.
In Europe, the FTSE 100 index of leading British shares was up 41.49 points, or 0.8 percent, to 5,588.57 while Germany's DAX rose 98.49 points, or 1.6 percent, to 6,238.20.
The CAC-40 in France was 49.66 points, or 1.3 percent, higher at 3,760.27.
In the US, the Dow Jones industrial average was up 172.52 points, or 1.6 percent, at 10,834.94 soon after the open while the broader Standard and amp; Poor's 500 index rose 19.88 points, or 1.8 percent, to 1,144.71.
European markets and Wall Street futures had been trading lower, but upbeat US durables goods data prompted the recovery.


Clic here to read the story from its source.