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Saudi index gains as investors await corporate results
Saudi stocks rose about 220 points or 2.5 per cent as the market applied a new trading structure this week. This followed a volatile performance in the previous two weeks. Investors are eyeing the first quarter corporate results.
- By Mariam Al Hakeem, Correspondent
- Published: 00:39 April 12, 2008
Riyadh: Saudi stocks rose about 220 points or 2.5 per cent as the market applied a new trading structure this week. This followed a volatile performance in the previous two weeks. Investors are eyeing the first quarter corporate results.
The Tadawul All Share Index closed at 9,501.72 points on Wednesday, up 3.5 per cent from last week.
The index is 13.9 per cent lower compared with its value at the beginning of the year. Trading value reached 38.6 billion Saudi riyals, up from the previous week's 27.1 billion riyals.
Mobile Telecommunications Saudi Arabia accounted for 20 per cent of the trading value followed by Saudi Basic Industries Corp with 12 per cent and Rabigh Refining and Petrochemical with at six per cent.
Meanwhile, some companies have announced their financial results. Riyadh Bank and Al Bilad showed profits of 691 million riyals and 50.8 m riyals respectively, an increase of 5.4 per cent and 98 per cent respectively compared with the first quarter of 2007.
In the agriculture and food industries sector, Al Marai announced profits of 162.2 million riyals, an increase of 32 per cent over 2007.
These results prove the expectations of continuing profits growth in Saudi companies along with the positive economic environment in the Saudi Arabia as well as in GCC region in general.
The market witnessed relatively steady moves by the end of the week with investors awaiting the results of blue chips in the petrochemical, banking telecoms and information technology sectors.
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