Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

KSA- Investors turn focus on half-year results  Join our daily free Newsletter

MENAFN - Arab News - 28/06/2008

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Saudi shares were the target for selling pressures last week ahead of the announcements of second quarter results.

The Tadawul All-Share Index (TASI) shed 2.02 percent last week, closing at 9,581.34 points from 9,778.48 points previous week.

The TASI is currently 13.2 percent lower than the year's start.

The Riyadh-based Bakheet Investment Group (BIG) said in its weekly report it expected a marked improvement in the performance of petrochemical and banking stocks in the second quarter of the year.

BIG expects the majority of blue chips will show positive results in the first half of 2008 compared to the same period of 2007.

"We expect the market to be rather quiet in the coming days ahead of the release of the second quarter results, particularly of blue chips which usually determine the market's next trend," the BIG said.

The stock market turnover reached SR42.95 billion last week, down against previous week's SR52.79 Billion. Alinma Bank dominated trading value at 9 percent followed by Saudi Basic Industries Corp. (SABIC) at 8 percent and Rabigh Refining and Petrochemical Co. (Petro Rabigh) at 7 percent. The insurance sector showed positive performance last week. Shares in the newly listed United Cooperative Assurance Co. jumped 187.50 percent to close at SR28.75.

Al-Ahlia Insurance Co. shares surged by 20.16 percent to SR73, the Mediterranean & Gulf Insurance & Reinsurance Co. by 15.70 percent to SR35, Allied Cooperative Insurance Co. by 9.17 percent to SR65.50 and Malath Cooperative Insurance and Reinsurance Co. by 7.38 percent to SR80.

Arab bourses were swept by deep profit-taking moves last week as investors awaited the release of semi-annual results before determining their portfolios for the coming period, financial analysts said yesterday. However, analysts predicted that the quarterly results of listed firms and the record high prices of crude oil would boost stocks as an investment haven for the huge surplus petrodollars due to accrue to regional oil exporters.

"I believe half-year results and surging oil prices will give a boost to regional markets in the coming weeks," an Amman-based portfolio manager told Arab News.

He said that some Middle East stock markets were this week the scene for "window-dressing, speculation and profit-taking operations" ahead of July 1 which heralds the start of the second half of the year. Jordanian shares plummeted last week as the soaring prices of strategic stocks suffered heavily under the pressure of an almost continuous sell-off and deep profit-taking operations.

The all-share price index of the Amman Stock Exchange plunged 7.83 percent last week, closing at 4,649 points from 5,044 points previous week.

Kuwait's KSE all-share price index closed marginally higher last week at 15,563 points compared with previous week's close at 15,552 points.

The benchmark of the United Arab Emirates stock exchanges of Dubai and Abu Dhabi shed 2.3 percent last week, closing at 6,011 points from 6,154 points previous week.

The GulfBase GCC Index also dropped by 1.57 percent to 6,920.08 points. The value of GCC traded shares fell 17.49 percent to 19.20 billion and volume declined 14.04 percent to 5.50 billion of shares.

BMG index falls

The BMG Saudi Index's gains that extended to four successive weeks ended last week in a negative territory.

The index fell by 2.1 percent. The index closed at 532.49 points, on a turnover of SR19.9 billion (5.3 billion) during the week, which is less than previous week's turnover of SR27.9 billion (7.5 billion) by 28.8 percent. The shares traded throughout the week reached 452.5 million shares, down by 37.0 percent from 717.8 traded during the previous week.

The average price-earnings (P/E) ratio for 2007 earnings was 31.72 times, whereas the price-to-book (P/B) ratio was 4.82 times.

The electricity sector was the only sector that ascended week-on-week by 2.0 percent. All the other sectors incurred losses.

The beta coefficient for the sectors was 1.05 for the banking sector, 1.03 for the industrial, 0.99 for the services, and 0.92, 0.64, 0.62, and 0.29, for the agricultural, telecommunications, electricity, and insurance sectors, respectively.

Only four shares rose last week, whereas two stood still.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Sharjah Ladies Club organizes "Sharjah Ladies run" at the University City ,MENAFN Press
(MENAFN Press) Sharjah Ladies Club gears up to launch "Sharjah Ladies run" at the Sharjah University City. With over 250 participants, the activity aims to encourage women and enable them to ...

Apr 24 2014Alcatel-Lucent Enterprise to address the network application challenge with new access switch, added analytics and SDN capabilities ,MENAFN Press
(MENAFN Press) The Enterprise division of Alcatel-Lucent recently unveiled new technology to address the challenges created by pervasive mobility and the explosion of new applications being ...

Apr 24 2014UAE's Jumeirah to expand portfolio in Dubai ,MENAFN
(MENAFN) UAE's Jumeirah Group is planning to add additional hotels to its Dubai portfolio in the following 6 years, Arabian Business reported. The luxury hotelier's president and group CEO said ...

more...


 






Google

 
 

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
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help