|
Riyadh: Saudi stock market remained stable though cautious during the week ended on Wednesday as a continuation of the previous weekend as if it is monitoring the performance results of major financial companies and banks for the first quarter of 2008.
Most of the Saudi banks announced their first quarter report, which reflects mixed outcome of their performance during the first three months of the year.
After some years of strong returns, the growth in net income for the Saudi banking sector is slowing. SABB posted the highest increase in net profit of 22.8 per cent while Bank Al Jazeera registered a drop of 49 per cent in its net profit against the same period last year.
Net profit of Saudi banks in general posted an increase of 10.5 per cent.
On the other hand, Saudi cement companies recorded an increase in their profits during the first quarter of the current year against the same period last year. This was attributed mainly to the expansion projects that were implemented by most of these companies and a subsequent increase in their sales in the wake of the construction boom.
Qassim Cement and Southern Cement topped other companies with a net profit of 160 million Saudi riyal and 235 million riyal, an increase of 77.8 per cent and 47.8 per cent respectively. The Saudi Stock Exchange index recorded a slight increase of 1.4 per cent with TASI (Tadawul All Share Index) rose to 9,630.37 comparing with the previous weekend. However, the index was hit by a 12.8 per cent decrease since the beginning of the current year.
The stock market value rose to 3.96 billion riyals in the weekend comparing with 38.6 billion riyals during the previous weekend. The Saudi Telecom stocks posted the highest trading with a 23 per cent stake in the capital market, and it was followed by Petro-Rabegh and Saudi Arabian Basic Industries Corporation (Sabic) with 8 per cent each.
Following is details of value of trading of the major sectors during the week. Petrochemical industries (33 per cent), Communications and IT (24 per cent), real estate development (10 per cent), insurance (6 per cent), banking and financial services (5 per cent), transport (4 per cent), construction (4 per cent), industrial investment (3 per cent), investment companies (3 per cent), agriculture and food manufacturing (2 per cent), cement (2 per cent), retail (2 per cent), power and utility services (2 per cent) and media and publication (1 per cent).
The five companies that recorded highest earnings are International Livestock Holding Company (20.7 per cent), Saudi Printing and Packaging Company (14.2 per cent), SABB (11.6 per cent), Jarir Bookstore (8.9 per cent) and Samba Financial Group (8.6 per cent).
The five firms with the lowest earnings are Malad Insurance and Re-insurance Company (8.1 per cent), Saudi Hollandi Bank (6.9 per cent), Arabian Shield Cooperative Insurance Company (6.2 per cent), National Glass Manufacturing Company (6 per cent), and United Cooperative Insurance Group (5.6 per cent).
|
