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Saudi equities lifted for second week
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sandy
Jan 13, 2013, 5:34:04 AM1/13/13
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Saudi Arabian equities extended their rally for the year to more than 5 per cent yesterday, lifted by gains in the banking sector ahead of fourth-quarter earnings announcements expected this week.
Banks are expected to notch up big profits in the coming weeks as the kingdom's stimulus plans filter through the economy.
Last month, the Saudi council of ministers endorsed 820 billion riyals (Dh803.17bn) in expenditures for this year, an increase of 18.8 per cent compared with last year.
Saudi equities surged for the second straight week, breaking the 7,000 points mark on Wednesday.
Yesterday the Tadawul All-Share Index rose 0.55 per cent to close at 7,165.76. Leading the charge were shares in Al Rajhi Bank, Samba Financial Group and Bank Albilad. "Consensus estimates suggests there will be robust year-on-year earnings growth [in the fourth quarter results]," analysts at Securities & Investment Company in Bahrain wrote in a note last week.
Banks are expected to notch up big profits in the coming weeks as the kingdom's stimulus plans filter through the economy.
Last month, the Saudi council of ministers endorsed 820 billion riyals (Dh803.17bn) in expenditures for this year, an increase of 18.8 per cent compared with last year.
Saudi equities surged for the second straight week, breaking the 7,000 points mark on Wednesday.
Yesterday the Tadawul All-Share Index rose 0.55 per cent to close at 7,165.76. Leading the charge were shares in Al Rajhi Bank, Samba Financial Group and Bank Albilad. "Consensus estimates suggests there will be robust year-on-year earnings growth [in the fourth quarter results]," analysts at Securities & Investment Company in Bahrain wrote in a note last week.
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