Saudi stock market applies new market structure

Riyadh: The Saudi stock market started the week by applying the new market structure with a noticeable increase of about 220 points (about 2.5%), following the volatile performance during the previous two weeks while investors eye the Q1 2008 corporate financial results, in addition to applying the new market structure which already been effective from April 5.

Meanwhile, number of companies announced their financial result such as "Riyadh Bank" and "ALBILAD" in the "Banks & Financial Services Sector" showing profits of SAR 691 Mio and SAR 50.8 Mio respectively with an increase of 5.4% and 98% respectively versus Q1 2007.

Also, "ALMARAI" in the Agriculture & Food Industries Sector announced profits of SAR 162.2 Mio with an increase of 32% compared with Q1 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.

It's worth mentioning that the market witnessed relative steady moves by end of the week awaiting the blue chips financial results especially in the Petrochemical Industries, Banks & Financial Services and Telecommunication & Information Technology Sector.