Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Bluechips lead Tadawul recovery  Join our daily free Newsletter

MENAFN - Arab News - 29/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Attractive valuations brought back buyers to Saudi Arabia's markets as the Tadawul All-Share Index rose 1.1 percent to close at 6,533 points, lifting from Tuesday's 10-month low.

Bluechips that were battered in recent sessions, led the market recovery, Reuters reported.

Al-Rajhi Bank gained 0.8 percent, Samba Financial Group rose 1.8 percent and Yanbu National Petrochemical advanced 3.1 percent.

"The rebound is because of the sell-off we've seen during most of the week - some of the quality names have been trading low and looked attractive," Asim Bukhtiar, head of research at Riyad Capital, told Reuters.
Traders told Reuters that the selling this week was almost exclusively by retail investors, while local institutions and foreigners held on to their positions.

Analysts said the economy is growing strongly, with oil prices high and bank lending expanding at double-digit rates.

"The economy has been on a strong footing and we don't see that changing," Bukhtiar at Riyad Capital added.

Elsewhere, selling pressure on Egypt's bourse dragged the benchmark index to a fresh four-month low as institutional investors looked for an exit following nationwide protests.

"Institutional investors want to realize their gains they made throughout the year-they're looking for an exit but the low volumes are not helping," Mohamed Radwan of Pharos Securities told Reuters.

 






  MENA News Headlines


 






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