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 investors.
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
 Mar 31 2015 - US Crude Recovery May Be Limited, Natural Gas Braces For Storage DataDailyFX
(MENAFN - DailyFX) Gold slumped on Wednesday as its pricing currency the USD gained on the back of the December FOMCdecision. The removal of the 'considerable time' phrase from the policy statement, ...

 Mar 31 2015 - A noble gesture by UAE's Sheikh Hamdan: paperEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The decision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council to donate his Dubai World ...

 Mar 31 2015 - Etihad Airways celebrates arrival of inaugural Alitalia flights from Venice and Milan to Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Etihad Airways, the national airline of the United Arab Emirates, joined celebrations at Abu Dhabi International Airport yesterday to welcome the arrival of its ...

 Mar 31 2015 - UAE's Ministry of Higher Education and Scientific Research joins local and federal scholarship authorities to activate National Scholarship DatabaseEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) On the instructions of Sheikh Hamdan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, to coordinate and unite efforts with all ...

 Mar 31 2015 - UAE's Assistant Under-Secretary for Protocol Affairs at MoFA attends reception at Bangladesh EmbassyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Shehab Ahmed Mohammed Al Fahim, Assistant Under-Secretary for Protocol Affairs in the Ministry of Foreign Affairs, attended a reception last night hosted by ...

 Mar 31 2015 - UAE's Minister of Environment discusses cooperation with Ambassadors of Poland and EritreaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water, has met with Adam Krzymowski, Poland's Ambassador to the UAE, and discussed ways to enhance ...

 Mar 31 2015 - UAE's DLD sponsors fifth cycle of Princess Haya Award for Special EducationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Land Department, DLD, has signed a sponsorship agreement with the Princess Haya Award for Special Education, PHASE, to host its fifth cycle due to be held ...

 Mar 31 2015 - Talented Emirati musicians perform for patients across the UAE to aid their recoveryEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Abu Dhabi Festival, in association with Mubadala, has brought the popular 'Music in Hospitals' initiative to healthcare facilities across the UAE for the ...

 Mar 31 2015 - UAE's FCA launches customs statistics service on smart phonesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Federal Customs Authority yesterday launched a customs statistics service on its website and a smart phone application to respond to customers' enquiries on ...

 Mar 31 2015 - UAE remains dedicated to covering health needs of Syrian population affected by crisisEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE is dedicated to fulfilling the financial gap in the health sector of the Syrian refugee population in order to meet their basic humanitarian and health ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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