MENAFN - Arab News
Saudi Arabia- Investors eyeing Q4 results of listed firms
(MENAFN - Arab News) Saudi shares came under selling pressures last week amid expectations of retreating profits, particularly for the banking sector.
The Tadawul All-Share Index (TASI) shed nearly 2 percent last week, closing at 6,121.76 points, which represented a 27.5 percent rise since the beginning of 2009, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG).
The retreat was aggravated by statistics published last week by the Saudi Arabian Monetary Agency (SAMA), which predicted a 20 percent decline in banks' profits in November compared with those for October, the report said.
The BIG expected the Saudi market to be the scene for "narrow fluctuations" next week with investors eyeing the results of listed firms for the fourth quarter of 2009.
Last week, the Capital Market Authority (CMA) announced the final decisions of the Committee for the Settlement of Securities Disputes against investors. The CMA has imposed sanctions on five people for insider trading and stock price manipulation.
Jazan Development Co. was the top gainer last week as its shares surged over 3 percent to SR13.45. Shares in Mouwasat Medical Services Co. rose by 2.51 percent to SR61.25, National Agriculture Marketing Co. by 2.15 percent to SR42.80, Jarir Marketing Co. by 2.10 percent to SR133.75 and Fawaz Alhokair Co. by 1.65 percent to SR36.90.
The major losers last week were Al-Sagr Cooperation Co., down 15.08 percent, Anaam International Holding Group Co. (10.78 percent), Saudi Pharmaceutical Industr. & Medical Appliances Corp. (9.06 percent), Al-Rajhi Company for Cooperative Insurance (7.53 percent) and Allied Cooperative Insurance Group (7.30 percent).
Saudi Basic Industries Corp. (SABIC) shares dropped slightly to SR82.50 last week.
The value of Saudi traded shares increased to SR13.95 billion last week from SR12.57 billion in the previous week.
Arab stock markets are expected to focus attention early in the new year on the annual results of listed firms which are expected to start going out next week, financial analysts said Friday.
"Regional stocks are expected to move sideways in the coming period as investors are apparently concerned over the 2009 results," an Amman-based portfolio manager said.
"We believe that annual profits will represent the main moving factor for Arab markets in the coming couple of weeks," he said.
"However, developments on global markets, clues to world recovery and oil prices will continue to be key elements to reckon with," he added.
Jordanian shares were narrowly volatile last week with persistent lack of liquidity and weak foreign buying, analysts said.
The all-share price index of the Amman Stock Exchange closed week flat at 2,534 points, according to the ASE weekly report.
Kuwait's KSE all-share price index shed 0.7 percent last week, closing at 7,005 points.
The all-share index of the Dubai stock exchange went up by 2.6 percent last week to close at 1,804 points, while the Abu Dhabi bourse gained 2.8 percent to close week at 2,774 points.
The UAE stocks gained only 10 percent throughout 2009 retreating from a 50 percent rise in June. "It was the most volatile year in the country's stocks history," said Walid Khatib, head of trading at the Dubai-based Daman brokerage firm.
He expected UAE and other regional markets to be responsive to developments relating to the Dubai World debt rescheduling moves and other regional events in the coming weeks.
Egypt's AGX30 index, measuring performance of the market's 30 most active stocks, lost 2.7 percent last week to close at 6,209 points.
The GulfBase GCC Index fell 0.89 percent to 3,726.06 points last week. The value of GCC traded shares, however, surged by 10.57 percent to 5.79 billion and volume increased by 1.08 percent to 3.76 billion of shares.
By Abdul Jalil Mustafa
MENA News Headlines
|Mar 12 2014||ME airlines to post USD2.2b profit in 2014 ,MENAFN|
|(MENAFN) The International Air Transport Association (IATA) said that airlines in the Middle East are expected to register a combined profit of USD2.2 billion this year, Arabian Business ...|
|Mar 12 2014||Qatar's Ezdan buys over 20 percent of IHG shares ,MENAFN|
|(MENAFN) Qatar"s Ezdan Holding said that it has purchased over 20 percent of Islamic Holding Group (IHG) shares, The Peninsula Qatar reported.
Chairman of Ezdan Holding Group said: "Acquiring such ...|
|Mar 12 2014||FCC wins USD701m Doha Metro contract ,MENAFN|
|(MENAFN) FCC announced that it won a USD701.5 million contract to build a section of Doha Metro red line, The Peninsula Qatar reported.
The consortium led by FCC also includes Archirodon from ...|
|Mar 12 2014||Emirates launches Boston flight ,MENAFN|
|(MENAFN) UAE-based Emirates has launched a non-stop flight to Boston, US, Khaleej Times reported.
Emirates airline president said: This is a fantastic day for Emirates. We are so pleased to be ...|
|Mar 12 2014||UAE's Etisalat signs agreement with Tata ,MENAFN|
|(MENAFN) UAE's Etisalat has announced the signing of a partnership agreement with Tata Communications that will focus on media and communication vertical segment, according to the Emirates ...|
|Mar 12 2014||Dewa invests USD14b in energy-efficiency projects ,MENAFN|
|(MENAFN) UAE-based Dewa managing director and chief executive said that the authority has an estimated investment of USD14.1 billion in energy-efficiency projects and actively promotes conservation, ...|
|Mar 12 2014||US firm Hill to recover USD10 m of Libyan debt ,MENAFN|
|(MENAFN) US construction management firm Hill International has now recovered USD10 million of USD60 million invoice owed for work in conflict-ridden Libya, the company said as it announced its 2013 ...|
|Mar 12 2014||Getafe confirm Contra as new coach ,Kora|
|(MENAFN - Kora) Garcia lost his job after a run of 12 La Liga matches without a win left the side precariously placed just one point above the bottom three.
A matter of hours after announcing his ...|
|Mar 12 2014||Dubai's Arabtec to build million home in Egypt ,MENAFN|
|(MENAFN) Dubai-based Arabtec plans to build one million homes in Egypt in a USD40 billion deal that is expected to open the doors to a politically-inspired Gulf investment, according to Arabian ...|
|Mar 12 2014||La Liga Wrap: Strugglers Rayo, Malaga pick up valuable away wins ,Kora|
|(MENAFN - Kora)
In an action-packed affair at Anoeta, the hosts took the lead after just two minutes when Inigo Martinez headed home a dangerous inswinging delivery from Ruben Pardo.
Their lead ...|
|Mar 12 2014||Seedorf upbeat over Milan chances ,Kora|
|(MENAFN - Kora) Seedorf's men face a stiff task at Vicente Calderon on Tuesday after suffering a 1-0 defeat in the first leg of their last-16 tie at San Siro last month.
Milan occupy a mid-table ...|
|Mar 12 2014||UEFA Europa League Preview: AZ v Anzhi ,Kora|
|(MENAFN - Kora) Owner Suleyman Kerimov withdrew the majority of his funding from Anzhi last year, leading to a mass exodus of players that saw them slide down the Russian Premier League table.
|Mar 12 2014||JD.com valued at USD20 b in IPO ,MENAFN|
|(MENAFN) An initial public offering (IPO) has been proposed for JD.com, the Chinese ecommerce site backed by Saudi Arabia's Prince Alwaleed bin Talal, at USD20 billion worth in the second quarter of ...|
|Mar 12 2014||Championship Wrap: Reading stun Leeds, Blackpool end barren streak ,Kora|
|(MENAFN - Kora) Exactly a year to the day since his departure from Reading, McDermott watched his Leeds side follow up Saturday's 5-1 home thrashing at the hands of Bolton Wanderers with another poor ...|
|Mar 12 2014||Schumacher showing 'small, encouraging' signs ,Kora|
|(MENAFN - Kora) The seven-time Formula One world champion has been in a medically induced coma for over two months after suffering head trauma in a skiing accident on December 29.
Last week, it ...|
|Mar 12 2014||Pillay Urges Halt to Attacks Targeting Civilians ,Qatar News Agency|
|(MENAFN - Qatar News Agency) UN High Commissioner for Human Rights Navi Pillay expressed deep concern on Tuesday that civilians in South Darfur, Sudan, have been bearing the brunt of recent attacks. ...|
|Mar 12 2014||Libyan PM Zeidan Dismissed as Oil Tanker 'Breaks Blockade' ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Libya's parliament has dismissed Prime Minister Ali Zeidan after a tanker laden with oil from a rebel-held port reportedly broke through a naval blockade. MPs called a ...|
|Mar 12 2014||Bulgaria's President : Great Prospects for Further Cooperation with Qatar ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Bulgaria's President Rosen Plevneliev said that there is a great prospect for further cooperation between his country and the State of Qatar in various fields. Speaking ...|
|Mar 12 2014||Nsour:Israel Apologizes Over Zeiter Killing ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Israel has officially apologized for the killing of Jordanian judge Raed Zeiter who was shot dead by Israeli soldiers on Monday after he had crossed the King Hussein ...|
|Mar 12 2014||Israeli Airstrike Kills 3 Palestinians in Southern Gaza ,Qatar News Agency|
|(MENAFN - Qatar News Agency) An Israeli airstrike killed three Palestinians in the southern Gaza Strip on Tuesday, an official said.
Gaza Ministry of Health spokesman Ashraf al-Qidra said that ...|