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Saturday, 13 August 2011

Saudi Stock Market close - August 13, 2011

General Index
Intraday 3 month
Daily Statistics
General Index6155.88
Change (%)1.93%
T. Volume115618308
T. Companies 150

Saudi Shares Rally to One-Week High After U.S Retail Sales Data

Saudi Arabian shares rallied for a second day, sending the benchmark index to its highest intraday level in a week, after U.S. retail sales data eased concern the world's biggest economy is headed for a recession.

Saudi Basic Industries Corp., the world's biggest petrochemicals maker, and Al Rajhi Bank, the kingdom's largest publicly traded lender by assets, paced the gains.

The 147-company Tadawul All Share Index rose 1.8 percent, to 6,147.45 at 12:03 p.m. in Riyadh, the highest level since Aug. 6, extending its two-day gains to 2.3 percent. The gauge lost 6 percent in the past week, the steepest decline since the week ending March 2, after the U.S.'s credit rating was downgraded by Standard & Poor's.

GCC property prices to slide further in H2, says S&P - Real Estate -

Property prices and rents in the Gulf will continue to fall in the second half of 2011, Standard and Poor's has said in its new outlook report on the region.

The rating agency said property developers in oversupplied markets, such as the UAE, are likely to continue to scale back development activities in favour of rental and management of existing property stocks.

As markets in the GCC region mature, S&P said it expected to see greater emphasis on urban regeneration with 'a pronounced shift away from high-end residential development toward affordable housing', particularly in Saudi Arabia.

gulfnews : Saudi need for oil at $85 may speed cutback

Saudi Arabia may start cutting oil output ‘much sooner' than it did after the financial crisis in 2008 because it now needs crude prices of at least $85 (Dh312.2) a barrel to pay for spending, Sanford C. Bernstein & Co said.

The kingdom's 2011 budget forecasts revenue of $144 billion and expenditures rising 7.4 per cent to $154 billion, suggesting a $65 a barrel break-even price, Oswald Clint, a London-based analyst at Bernstein, said in a report yesterday. Additional spending of $36 billion announced in February increases the breakeven price by $20 a barrel, assuming the Saudis export 75 per cent of current production, he said.

Oil fell 0.8 per cent at 4.35pm in Singapore to $85.03 a barrel in electronic trading on the New York Mercantile Exchange, heading for a third weekly decline on concern that debt crisis in Europe and the US will worsen an economic slowdown. Crude traded last week for as little as $75.71 a barrel, a ten-month low.

Banks’ total assets see robust growth | Oman Observer

The banking sector showed a steady progress as regards credit growth, deposits and total assets consistent with sustained recovery of non-oil activities. The monthly bulletin released by the Central Bank of Oman (CBO) pointed out that the total assets of commercial banks increased by 7 per cent to RO 16,346.1 million in June 2011 compared to RO 15,274.1 million in June 2010.

Cash on hand and deposits of commercial banks with the CBO stood higher at RO 931.664 million at the end of June 2011 compared to RO 814.7 million in June 2010. Total credit grew by 12.6 per cent to RO 11,450.4 million in June 2011 and accounted for 70 per cent of total assets. Credit to government increased by 2 per cent in June 2011, credit to public enterprises and the private sector increased by 62.4 per cent and 8.6 per cent respectively. Commercial banks' overall investments in securities declined by 3.2 per cent to RO 1,814.6 million by June 2011 from RO 1,873.6 million a year ago.

Of the total outstanding investments, commercial banks' investments in CBO CDs decreased to RO 1,163 million in June 2011 from RO 1,443 million a year ago, whereas investments in government development bonds increased to RO 285.7 million from RO 143.7 million during the same period. Investments in foreign securities increased by 45.7 per cent to RO 220.6 million from RO 151.3 million.