Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Real estate concerns stall Tadawul's rise  Join our daily free Newsletter

MENAFN - Arab News - 04/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The Saudi stock market is still in a bull run, a top Riyadh-based economist insisted on Tuesday despite a sharp fall in the key index, led by weaker real estate shares.
The Tadawul All-Share Index (TASI), which hit a five-year high on Nov. 18, fell 1.3 percent to 8,229.19 points, it's lowest closing level since Nov. 6.
Concerns over local real estate sector sent the stock market falling sharply and analysts suggested that a market-wide sell-off could be the start of investors shifting to more attractive opportunities in neighboring property sectors.
"A correction is expected as we are reaching the year-end and some profit-taking is normal," said John Sfakianakis, chief investment strategist at Masic in Saudi Arabia.
"The market has grown by more than 20 percent this year and given the liquidity and good corporate results, the market is still in a bull run," he told Arab News.
The real estate sector index dropped 3.24 percent to close at 4,619.08.
Shares in Dar Al-Arkan plunged 7.54 percent to SR9.20, while shares in all other real estate companies fell on Tuesday.
The value of traded shares reached SR5.65 billion on Tuesday.
Jarmo T. Kotilaine, a regional analyst, told Arab News: "There have been some indications of lower activity in the recent data with the real estate appearing to be more directly affected than most other sectors. I suspect this is the main concern on the minds of inestors.

Hesham Tuffaha, a Riyadh-based fund manager, was quoted as saying by Reuters that valuations of Saudi property stocks are not attractive compared to regional stocks after Dubai was chosen to host the World Expo 2020 and the expectations of increased real estate projects.
Tuffaha said Qatar is looking more attractive on the back of planned developments for the FIFA World Cup 2022.
According to Tadawul's monthly report, at the end of November the Tadawul index closed at 8,325.28 points, gained 280.81 points (3.49 percent) over the close of the previous month.
On an YTD basis, TASI registered a positive increase of 22.41 percent (1,524.06 points). Highest close level for the index during the month was 8,407.88 as on Nov. 18.
Total equity market capitalization at the end of November reached SR1.70 trillion (452.50 billion), increasing by 4.72 percent over the close of the previous month.
The Tadawul report said total value of shares traded in November reached SR94.91 billion (25.30 billion), increasing by 13.32 percent over the previous month.
The total number of shares traded reached 3.43 billion shares during the month of November compared to 3.23 billion shares traded for the previous month, increasing by 6.22 percent.
The total number of transactions executed during November 2013 reached 1.56 million compared to 1.50 million trades for the month of October 2013, increasing by 3.67 percent.


 


Arab News




  MENA News Headlines
 Sep 1 2016 - Veeam to Educate Middle East Organizations about Transitioning from Legacy Backup to Availability Solutions for the Modern Data Centre at GITEX 2016MENAFN Press
(MENAFN Press) DUBAI, UAE, 1st September, 2016: VeeamĀ® Software, the innovative provider of solutions that deliver Availability for the Always-On Enterpriseā„¢, has reiterated its commitment to ...

 Sep 1 2016 - Morocco- Moroccan Pastoral: At Home Among FriendsMorocco World News
(MENAFN - Morocco World News) Northern Morocco - of years long gone, of places now completely unrecognizable; across all that time-imaginary and real - there's still one constant: friendship. Having ...

 Sep 1 2016 - Morocco Ranks 28th Friendliest Country in the WorldMorocco World News
(MENAFN - Morocco World News) Morocco has Ranked 28th Friendliest Country Worldwide for Expatriates, Higher Than France, Germany and Finland. A new report titled Expat Insider 2016, released by ...

 Sep 1 2016 - Gabon opposition reject Bongo election 'victory'The Peninsula
(MENAFN - The Peninsula) (FILES) This file photo taken on August 28, 2016 shows Gabon's incumbent president Ali Bongo Ondimba speaks to members of his campaign at election offices in Libreville.AFP / ...

 Sep 1 2016 - Damas begins 'Made in UAE' journey: CEOKhaleej Times
(MENAFN - Khaleej Times) Damas has started its journey from being a home grown brand to its new identity of 'Made in UAE' with the opening of its new facility in Nad Al Hamar, said Anan Fakhreddin, ...

 Sep 1 2016 - UAE maintains global ranking in ICT indexKhaleej Times
(MENAFN - Khaleej Times) The UAE has maintained its 12th position global ranking in the Information and Communications Technology (ICT) index, one of the key indicators included in the 2016 Global ...

 Sep 1 2016 - Nakheel to bring DoubleTree to Al Khail AvenueKhaleej Times
(MENAFN - Khaleej Times) Nakheel has signed a Letter of Intent with Hilton Worldwide to manage a new, 256-room hotel at Jumeirah Village Triangle. Under the proposed agreement, the 18-storey hotel ...

 Sep 1 2016 - UAE- DIFC on track to meet 2024 targetsKhaleej Times
(MENAFN - Khaleej Times) Dubai International Financial Centre (DIFC) is on track to meet its 2024 targets as it achieved major milestones of over 21,000 employees and over 1,500 firms in the centre ...

 Sep 1 2016 - Liquid Fertilizers Market Worth 13.48 Billion USD by 2021MENAFN Press
(MENAFN Press) PUNE, India, September 1, 2016 /PRNewswire/ -- The report "Liquid Fertilizers Market by Type (Nitrogen, Phosphorus, Potash, Micronutrients), Mode of Application (Soil, Foliar & ...

 Sep 1 2016 - Bahrain Economic Development Board Opens Office in Hong KongMENAFN Press
(MENAFN Press) MANAMA, BAHRAIN - Media OutReach - 1 September 2016 - The Bahrain Economic Development Board (EDB) is pleased to announce the launch of its Hong Kong office. The Bahrain EDB is a ...

more...


 





Google

Easy Forex
 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help