Gulf bourses await third quarter results
Monday, 11 October 2010
JEDDAH/AMMAN, Oct 10 (Arab News): Saudi stocks were volatile last week, reflecting a variety of expectations over third quarter corporate earnings, particularly of the petrochemical and banking sectors.
The Tadawul All-Share Index (TASI) gained 0.14 per cent on a weekly basis, closing at 6,417.68 points.
"The market is currently focusing in the first place on the third quarter results and the dividends to be decided by the listed firms," Saudi analyst Mohammad Anqari said.
He said that investors' decisions would also be influenced by crude prices and the anti-inflation policies to be adopted by the country's monetary authorities, because they affect the lending strategy of local banks and, consequently, the volume of liquidity.
Anqari detected a diminishing effect on the Saudi market by developments at global markets.
On a week-to-week basis, the sector activity was negatively biased with 8 out of 15 sectors closing with losses ranging from 0.36 per cent by the transport sector to 1.93 per cent by the cement sector.
The Tadawul All-Share Index (TASI) gained 0.14 per cent on a weekly basis, closing at 6,417.68 points.
"The market is currently focusing in the first place on the third quarter results and the dividends to be decided by the listed firms," Saudi analyst Mohammad Anqari said.
He said that investors' decisions would also be influenced by crude prices and the anti-inflation policies to be adopted by the country's monetary authorities, because they affect the lending strategy of local banks and, consequently, the volume of liquidity.
Anqari detected a diminishing effect on the Saudi market by developments at global markets.
On a week-to-week basis, the sector activity was negatively biased with 8 out of 15 sectors closing with losses ranging from 0.36 per cent by the transport sector to 1.93 per cent by the cement sector.