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Saturday, 25 June 2011

Saudi Stock Market close - June 25, 2011

General Index
Intraday 3 month
Daily Statistics
General Index6456.88
Change (%)0.11%
T. Volume127918289
T. Companies 149

GCC stock markets lose $12b last month

Stock markets in the Gulf region lost momentum in May amid lack of market catalysts, light liquidity and rising political tensions in some Arab countries.

As a result, the combined market capitalisation of Gulf Cooperation Council bourses lost $12.2 billion during the month to reach $757.9 billion, said a report published by Kuwait-based KAMCO Research.

This is despite the positive economic outlook driven by strong oil prices and significant increase in government capital expenditures.

NBF sees lending, net profit up in 2011

Abu Dhabi-listed National Bank of Fujairah (NBF) expects double-digit loan growth in 2011 and net profit to beat last year's figure, its chief executive said.

Vince Cook also said provisioning for bad loans is decreasing but ongoing corporate restructurings in the region remain a major concern.

'We expect to see continued double-digit growth in our loan book this year,' Cook said in an interview.

Kingdoms foreign assets surge

Saudi Arabias foreign assets increased by more than SR100 billion in the first four months of 2011, data from the Saudi Arabian Monetary Agency (SAMA) said.

The surge in foreign assets in 2010 was a result of higher than expected oil prices, which turned the countrys budgeted deficit into a surplus of nearly SR109 billion compared with a deficit of SR87 billion in 2009 and a record high surplus of SR581 billion in 2008, when oil prices peaked at an average of $95 a barrel.

From around SR1,705 billion ($455 billion) at the end of 2010, the total foreign assets controlled by SAMA leaped by SR101.7 billion to SR1,806.7 billion ($482 billion) at the end of April, the figures showed.