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Saudi Shares Were Uncertain Until the First Quarter Closed

Saudi Arabia : 11 April

Saudi Arabia’s shares have proven to be very uncertain over the last week and the Tadawul All-Share Index (TASI) fell by just under .40% and analysts say that this was largely as a result of the banking and petrochemical sectors. Many are hopeful that this is only short lived and matters will soon improve when the results for the first quarter are made known later today.

It is predicted that both the petrochemical and telecom sectors will perform well over the coming weeks as the price of oil and its subsidiary products is forecasted to continue to improve.

This week increases were recorded in four sectors and these were Media and Publishing, Telecom and IT, Agriculture and Food and the Insurance sector. However there were eleven other sectors that performed poorly and these included a fall of just below 1% in the Cement and Real Estate industries and a decrease of over 6% in Energy and Utilities.

Shares in many banks were also down including the Al-Rajhi Bank whose shares fell by over 2.5%, the Bank AlJazira were down by almost 4%, the Alinma Bank by .78%, the Arab National Bank by .88% and the Banque Saudi Fransi were down .64% this week.

All in all it was a mediocre to dismal week but it is hoped this just a temporary situation that will soon be rectified when the results of the first quarter are revealed today.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
10 April

Will Greece Cause More Tragedy in Financial Markets Next Week?

The story of debt ridden Greece has once again caused a lot of Euro uncertainty and speculation on the Middle Eastern markets during the last seven days. While a deal is rumored to be close to a conclusion the Greek tragedy at present is still an unresolved dilemma.
In London an analyst has predicted that [...]

10 April

Where are Wealthy Emirates Investing Their Fortunes?

Although many have been badly hit by the global recession in the UAE there are still many wealthy individuals and Companies who are now left wondering what is a safe haven for their finances?
Many of the old reliable investments on the Stock Market are going through turbulent times at present and nobody knows where the [...]

09 April

UAE Clients Comprise 30% of Saxo Bank’s Clientele in the Middle East

Saxo Bank is a Copenhagen based bank and their only office in the Middle East is currently in Dubai. The Bank first started operating from this location on April 1 last year and since then have been very happy with the new customer base they have amassed in this period of time.
A senior Executive at [...]

08 April

Prices of Gold Remain Steady Despite the Rise of Dollar

Gold prices remained steady yesterday as even though the Euro slid slightly this was offset by India buying stealthily in preparation for their upcoming wedding season. The price of other precious metals also did well on the market, palladium hit a two year high and platinum was also at its highest price for more than [...]

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