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Saturday, 7 January 2012

Saudi Stock Market close - January 7, 2012

General Index
Intraday 3 month
Daily Statistics
Date07/01/2012
General Index6452.38
Change (%)0.69%
Change44.51
T. Volume286825963
T. Companies 151
Advanced91
Declined46
Unchanged9
UnTraded8

Saudi shares climb to five-month high on global manufacturing reports - bi-me.com

Saudi Arabian shares gained, led by banks, as manufacturing reports bolstered global economic optimism before the release of earnings in the Arab world's biggest economy.

The Tadawul All Share Index increased 0.7% to 6,449.93, the highest level since August before closing at 6,426.98 or 0.3% higher in Riyadh. The Middle East’s largest bourse has gained 0.5% so far this year.

Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, rose the most since March 20. Halwani Brothers Co. (HB) advanced the most since December 24 after announcing plans to increase its meat processing capacity in Egypt. Yamamah Cement Co. (YACCO) gained the most in almost two weeks after releasing earnings results.

S&P Hawkamah ESG Pan Arab Index undergoes first rebalancing since launch - bi-me.com

This first-ever MENA wide Environment, Social and Governance (ESG) Index which was developed by Hawkamah in cooperation with Standard & Poor’s with the support of the International Finance Corporation (IFC) underwent its first rebalancing in December 2011.

The rebalancing reveals that financial stocks continue to dominate the index making up 45.67%. However, this is indicative of the region’s equity market, as financials, likewise, represent nearly half of the benchmark S&P Pan Arab Composite. Saudi Arabia (28.49%), Qatar (22.87%) and UAE (22.77%) were the top three largest countries in the index.

This first-ever MENA wide Environment, Social and Governance (ESG) Index which was developed by Hawkamah in cooperation with Standard & Poor’s with the support of the International Finance Corporation (IFC).

Saudi Shares Gain as Global Manufacturing Reports Boost Optimism - Businessweek

Saudi Arabian shares gained, led by banks, as manufacturing reports bolstered global economic optimism before the release of earnings in the Arab world’s biggest economy.

The Tadawul All Share Index increased 0.7 percent to 6,449.93, the highest level since August, by 12:20 p.m. in Riyadh. The Middle East’s largest bourse has gained 0.5 percent so far this year.

Al Rajhi Bank, the kingdom’s largest lender by market value, rose the most since March 20. Halwani Brothers Co. advanced the most since Dec. 24 after announcing plans to increase its meat processing capacity in Egypt. Yamamah Cement Co. gained the most in almost two weeks after releasing earnings results.

Kuwait Finance House KSC : KFH Board Approves New Strategy | 4-Traders

Kuwait Finance House's Board of Directors has approved a new five-year strategy and transformation program designed to raise the bank's performance to the next level. The strategy, which was developed in conjunction with Booz & Company, the international management consultancy firm, is centred on three strategic pillars of improving banking performance in Kuwait, streamlining the group's investment portfolio and increasing coordination across its international banking subsidiaries.
"We are beginning a new era at Kuwait Finance House. This new strategy and transformation program will enable us to move to the next level of performance in better serving our customers, shareholders and employees" outlined Mr. Samir Al Nafisi, Kuwait Finance House's Chairman following the Board meeting.
The first strategic pillar, to improve the bank's performance in Kuwait, will focus on strengthening sales and service to target customers. The second strategic pillar is based on enhancing KFH's investment business by increasing control, optimizing returns and better managing risk across the bank's multiple investment subsidiaries. The third strategic pillar will see the bank leverage its international presence more effectively and generate synergies across its banking operations in Malaysia, Turkey and Bahrain. In addition, KFH will enhance its internal capabilities in a number of key areas such as Treasury, Risk Management, Human Resources and IT.

gulfnews : New sanctions spark panic as Iran currency falls to two-decade low

Iran's currency, the rial, has plummeted to its lowest value against the dollar in more than two decades after President Obama signed legislation last Saturday targeting Iran's Central Bank.
The rial dropped almost 30 per cent in two days, hitting exchange rates as low as 17,800 rials per dollar on Monday as Iranians rushed to sell their local currency holdings in favour of havens such as the euro, the UAE dirham, the US dollar, and gold.
Washington's new financial legislation against Teh-ran will sanction foreign firms that purchase Iranian oil — by far the chief source of Iranian government revenue — and penalise banks engaging in financial transactions with Iran.

gulfnews : Etihad to discuss Air Lingus stake sale with Dublin

The purchase of a major stake in Irish carrier Aer Lingus will be discussed between Etihad's Chief Executive Officer James Hogan and Ireland's Minister of Transport when the two meet before Monday, Gulf News has learned.
The meeting, likely to be held tomorrow, will try to resume talks which followed initial discussions in September.
Currently, the cash-strapped Irish government owns 25.1 per cent of Aer Lingus. After accepting a €95 billion (Dh443.65 billion) bailout from the European Central Bank and the International Monetary Fund in November 2010, Dublin has been forced to adopt a strict austerity programme — and its state-owned assets are under review for possible selloff.

Saudi Arabia Tankers’ Load Capacity Shrinks 9.5%, Ship Data Show - Businessweek

The carrying capacity of oil tankers that docked at Ras Tanura, Saudi Arabia’s biggest crude-loading port, shrank 9.5 percent last week, according to ship-tracking data compiled by Bloomberg.

Vessels with a combined capacity of 8.6 million deadweight tons arrived at the facility in the week to Dec. 31, compared with 9.6 million a week earlier. The ships would be able to haul about 63 million barrels of crude in total, assuming a conversion factor of 7.33 barrels a ton. Japan will be the largest recipient, followed by the U.S.

Oil Falls for Second Day as European Outlook Overshadows Iranian Tension - Bloomberg

Oil slipped for a second day as speculation Europe is headed for a recession overshadowed concern that tensions with Iran may lead to a disruption in Middle East shipments.
Futures decreased 0.3 percent as the euro dropped to the lowest level versus the dollar since September 2010. Crude surged to the highest price in almost eight months this week after Iran threatened to block the Strait of Hormuz and European ministers discussed an embargo on oil imports from the country.
“The weaker euro is making people nervous and leading the market lower,” said Tom Bentz, a director with BNP Paribas Prime Brokerage Inc. in New York. “Iranian concerns aren’t on the front page today. It was worries about Iran that sent us higher earlier in the week.”

Qatar's next big purchase: a farming sector | Reuters

Qatar's energy resources have given it one of the world's highest per capita incomes, a futuristic urban skyline and enough clout to host the 2022 soccer World Cup. But its wealth may not be enough for the arid state to achieve an even more ambitious goal: becoming largely self-sufficient in food.

Like other oil-rich, water-poor Gulf states, Qatar has been investing in large areas of farmland overseas to ensure access to food supplies. The agricultural arm of Qatar's sovereign wealth fund, Hassad Food, has bought land in Sudan and Australia, and has announced plans to spend hundreds of millions of dollars on agricultural projects in countries including Kenya, Brazil, Argentina, Turkey and Ukraine.

But in contrast to the other Gulf states, Qatar also aims to produce most of its food domestically, by spending massively to boost crop yields and convert semi-desert into agricultural land.

Tadawul seen testing resistance above 6,400 points - Arab News

Arab stock markets were volatile in the first week of 2012 as investors awaited the release of annual results to decide their future holdings, financial analysts said Friday.

They expected regional stocks to remain captive of the euro debt crisis, the Arab Spring revolts and the prospects of the world recovery.

"I believe investors are currently focusing on the fourth quarter results and annual earnings to decide the composition of their holdings for the coming weeks," an Amman-based portfolio manager told Arab News.

gulfnews : 2012: Stock picks from the Gulf

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