Stocks Surge 10%
SAUDI stocks surged the 10 percent daily maximum allowed at close of the morning trading session Saturday following the appointment of a new chief for the Capital Market Authority.
The Tadawul All-Shares Index (TASI) broke the 11,000-point psychological barrier to reach 11,036.02 points, up 9.88 percent on Thursday?s close. The TASI is still 34 percent below its end-2005 close and down 46.5 percent on its all-time high of 20,634 points set on February 25.
Look beyond what you see!
The UAE market reported the sharpest fall in key indices yesterday since the mid-March market crash. The Dubai Financial Market Index fell 6.7 per cent to 467.6 points , the biggest single day decline since March 14 when the index fell about 12 per cent.
Look beyond what you see!
The GCC markets continued to languish as unabated selling remained the order of the day. The Qatari market suffered the most with a loss of three per cent, while the Omani, Kuwaiti and Saudi markets shed between 1pc and 2pc. The Abu Dhabi and Bahraini markets also ended in the red. Interestingly, the Dubai market, yesterdays worst loser was todays lone gainer, recovering smartly after early weakness.
Look beyond what you see!
The Saudi stock market plunged yesterday after three days of successive gains following Custodian of the Two Holy Mosques King Abdullahs appointment of Abdul Rahman Al-Tuwaijeri, secretary-general of the Supreme Economic Council (SEC), as acting chief of the Capital Market Authority (CMA).
The Tadawul All-Share Index (TASI) declined 1,095.58 points or 9.24 percent to 10,764.28 yesterday. Out of 80 companies traded, shares of only four companies ? Al-Ahsa Development Co., the Qassim Cement Co., Saudi Real Estate Co. and Tihama Advertising and Public Relations Co. ? rose, while shares of all other companies declined.
Look beyond what you see!
The Governments buyback offer failed to stimulate the market and UAE shares remained flat for a second straight day yesterday.
The market consolidated after a steep fall this week and investors waited for fresh cues after a change in buyback regulations.
The Dubai Financial Market index inched 0.07 per cent higher to 469.70 points in thin trade of Dh775.2 million. Abu Dhabi finished 0.28 per cent higher at 3,414.09, with a dismal turnover of Dh72.9 million.
Look beyond what you see!
Visa sida
Ogilla! 5
Gilla!
Saudi stocks leapt 7.26 percent yesterday as Gulf markets extended a rebound sparked by Riyadhs decision to replace an unpopular market regulator, but Dubai dipped and analysts said any rally could be short-lived.
Gulf Arab share market prices rose on Saturday after Custodian of the Two Holy Mosques King Abdullah appointed a new head of the Capital Market Authority, replacing Jammaz Al-Suhaimi, who had borne the brunt of public outrage over a crash that has halved the value of Saudi market.
Other markets have also slumped this year, but took their cue from Riyadh yesterday with Abu Dhabi closing 1.92 percent up, Qatar jumping 4.79 percent and Bahrain, the least liquid market, gaining almost 1 percent. But analysts warned the rally could soon fizzle out, saying nothing had changed the factors that precipitated the crash ? Saudis with little understanding of markets borrowing heavily to buy poor quality stocks at astronomical prices.
Yesterdays trading in Dubai suggested the initial euphoria was beginning to wane. The main index closed 1.26 percent lower at 501.40 points, having been more than 6 percent up in early trading. "Sentiment was not strong enough to sustain the rally. There were a lot of people looking to sell and book some of the gains from yesterday," said Hany Hussein, a portfolio manager at Mashreqbank in Dubai.
In contrast the main index of the Saudi bourse, the Arab worlds largest, closed at 11,837.26 points, up 7.26 percent. It rose as high as 12,080.79 points soon after trading opened. The two largest listed firms Saudi Basic Industries Corp. (SABIC) and Saudi Telecom Co. (STC) closed up almost the maximum 10 percent allowed in a single day.
Samba Financial Group was the most heavily traded stock falling 5.5 percent after leading Saturdays rally with a near-10 percent rise.
Turnover surged to SR10.2 billion ($2.72 billion) yesterday.
Look beyond what you see!