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Saturday, 24 March 2012

Saudi Stock Market close - March 24, 2012

General Index
Intraday  3 month  
 Daily Statistics
 General Index7675.61
 Change (%)1.79%
 T. Volume659493880
 T. Companies 153

DIB unit in Oman Shariah consultancy deal

Dubai Islamic Bank’s (DIB) said its Sharia consultancy and advisory unit, Dar Al Sharia Legal & Financial Consultancy, has reached an agreement to provide consultancy services to Bank Sohar, the fourth largest bank in Oman.

The Bank Sohar move comes following last year’s decision by the Central Bank of Oman to allow banks in the Sultanate to offer dedicated Islamic banking windows.

Dar Al Sharia said it will help Bank Sohar to bring authentic Sharia-compliant banking products and services to customers in Oman.

Saudi Shares Jump Most in Seven Months on Higher Oil Prices - Bloomberg

Saudi Arabian shares advanced the most in seven months as rising oil prices lifted petrochemicals companies and offset weaker-than-estimated U.S. housing data.
The Tadawul All Share Index climbed 1.8 percent, the steepest increase since Aug. 13, to 7,675.61, at the 3:30 p.m. close in Riyadh. Ten shares rose for every stock that fell. The 152-member index has gained 20 percent this year.
Banque Saudi Fransi (BSFR), a Saudi lender part-owned by Credit Agricole SA, surged the most in a year. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, gained for a second day.

STOCKS NEWS MIDEAST-Banks, petchems lift Saudi index - Yahoo! News UK

Banking and petrochemical stocks lift the Saudi index to a higher close on Saturday.
The all-share closes 1.8 percent higher to 7,676 points and the banking index adds 2.5 percent to 17,288 points. Heavyweight Al Rajhi Bank ends 1.3 percent higher.
The petrochemical index closes 1 percent higher as petrochemical giant Saudi Basic Industries Corp (SABIC)
adds 1 percent.

STOCKS NEWS MIDEAST-Saudi stocks rise in early trade - Yahoo! News UK

Saudi shares open higher led by gains in petrochemical and banking stocks after oil prices rose on Friday.
Oil rose sharply on Friday on news that Iranian oil exports fell this month amid tightening Western sanctions. U.S. crude oil climbed 1.4 percent.
The all-share gains 0.4 percent to 7,568 points and the petrochemical index adds 0.5 percent to 7,209

Abu Dhabi’s Mubadala to Begin Evaluation of Guinea Bauxite Maker - Businessweek

Abu Dhabi’s Mubadala Development Co. plans to begin evaluating Guinea’s state-owned bauxite producer Cie des Bauxites de Guinee, according to a government official.

Guinea is seeking a $300 million investment to expand production, Mines Minister Mohamed Lamine Fofana told reporters today in Conakry, the nation’s capital. Fofana didn’t say when the evaluation is expected to begin.

Mubadala, an investment company controlled by Abu Dhabi, has signed a memorandum of understanding with Guinea, which has the world’s largest bauxite reserves. The ore is refined into alumina, a white powder that’s smelted to make aluminum.