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Saudi shares rebound from early losses to close 0.8% higher
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Sun May 24, 2009 9:42 am
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SAUDI ARABIA. The Saudi markets rebounded on Saturday as Saudi Basic Industries (SABIC), the world’s biggest chemical maker by market value, climbed to the highest close in six months.

SABIC gained 3.4%. National Industrialization Co, which holds interests in industrial and manufacturing firms in the kingdom, gained the most in two weeks.

SABIC climbed to SAR69.25, the highest close since 5 November. National Industrialization advanced 6.1% to SAR20.85.

Real estate and construction shares also lifted the market. Jazan Development posted the largest gain, advancing 9.66%. Emaar The Economic City rose 2.36%. 

The Tadawul All Share Index rose 0.8% to close at 6,100.85 points bringing the advance for the quarter to 30%. Earlier today the measure lost as much as 1.3%.

Most sectors advanced with the leading petrochemicals sector gaining 3.13%, banks were down 0.24%, retail UP 0.86%, real estate development UP 1.05% and telecoms down 0.53%.

Oil advanced to US$61.67 a barrel yesterday on the New York Mercantile Exchange after the dollar dipped against major currencies on speculation the US may lose its AAA credit rating.

The Tadawul All Shares Index 52-week low was recorded at 4,068 points on 3 March 2009. Other Gulf markets are closed on Saturdays.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
date:Posted: September 1, 2010
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
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UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.