Saudi Arabian shares rose the most in seven weeks after U.S. and European markets rallied on reports reassuring investors that the recovery in the world’s biggest economy is not waning.
The Tadawul All Share Index gauge advanced 1.9 percent to 6,274.71 at the 3:30 p.m. close in Riyadh, the biggest gain since July 10. Saudi Basic Industries Corp., the world’s largest petrochemicals maker, known as Sabic, rallied the most since July 21.
“In the wake of a strong end of the week for western markets, especially U.S. data, the Saudi market confirms so far the will to test seven-week highs and positioning for a post- Ramadan spike as volumes increase a bit,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh.
Saturday 4 September 2010
Recalibration, not reconstruction, is what DIFC needs
"I used to meet friends and sources on occasion at the Testa Rossa cafe in the marble-tiled underground of the Dubai International Financial Centre (DIFC). It was a good little joint: the sandwiches were decent, the coffee excellent and the atmosphere noticeably less frenetic than at the Caribou Coffee across the way.
As DIFC regulars have noticed in the past couple of months, though, many places like Testa Rossa have ceased doing business, their windows and doors replaced by white placards promising a “new concept coming soon”.
While the public areas of the financial free zone still feel well-populated, new business registrations at the DIFC are at an all-time low since its founding in 2004. Only 70 or so have incorporated this year, compared with 255 in 2008."
As DIFC regulars have noticed in the past couple of months, though, many places like Testa Rossa have ceased doing business, their windows and doors replaced by white placards promising a “new concept coming soon”.
While the public areas of the financial free zone still feel well-populated, new business registrations at the DIFC are at an all-time low since its founding in 2004. Only 70 or so have incorporated this year, compared with 255 in 2008."
Weekly GCC Index Analysis
Both the GCC Index Analysis and the GCC Trend Analysis are in agreement this week on the outlook for each market: DFM/ADX = Bearish, Saudi/Oman = Neutral, Kuwait/Bahrain/Qatar = Bullish (especially Qatar).
Weekly Index Analysis for week ending 2nd September 2010 (1st September 2010 for Saudi Tadawul Index).
Enjoy.
Weekly Index Analysis for week ending 2nd September 2010 (1st September 2010 for Saudi Tadawul Index).
Enjoy.
