Corporate Results Boost Saudi Shares.Summary: DUBAI u Telecom, banking and agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. stocks took Saudi index to a higher close on Saturday, although shares in Saudi Fertilizers Co fell after it posted its quarterly results, the first blue-chip company Blue-chip company Used in the context of general equities. Large and creditworthy company. Company renowned for the quality and wide acceptance of its products or services, and for its ability to make money and pay dividends. Gilt-edged security. to do so. The Tadawul All-share Index closed at 6,371 points, up 0.89 per cent. "The market expects corporate earnings to do better than previously anticipated," John Sfakianakis, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at Banque Saudi Fransi, said in a phone interview from Riyadh. "Over the past weeks, we have noticed a flow of liquidity entering into the market from abroad." The agricultural, food and industries index gained 1.19 per cent after dairy firm Almarai posted a 23.7 per cent rise in third-quarter profit. Shares in the Gulf's largest dairy company by market value gained 1.7 per cent to SR178.75 after the company recorded SR363.4 million net income. The company's sales also rose 11 per cent to SR1.55 billion. "These are good numbers," said Laurent-Patrick Gally of Shuaa Capital. The Dubai-based firm had expected Almarai to post a 22.6 per cent rise in third-quarter earnings. Savola shares also rose 1.1 per cent to SR28.9. The food producer received regulatory approval for an agreement with Fawaz Abdulaziz Alhokair & Co. to buy assets of Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. Guichard- Perrachon's Geant chain in the kingdom, the company said in a statement on October 7. Shares in Saudi Arabian Fertilisers Co., or Safco, closed 4.39 per cent down after it reported a near 75 per cent drop in third-quarter net profits. Safco said it made SR464 million in the three months to September 30, down from SR1.83 billion record net profit it recorded a year earlier. The telecoms index led gaining sectors with a 2.29 per cent increase after heavyweight heavyweight - High-overhead; baroque; code-intensive; featureful, but costly. Especially used of communication protocols, language designs, and any sort of implementation in which maximum generality and/or ease of implementation has been pushed at the expense of mundane Saudi Telecom added 1.49 per cent and Mobily ended C 3.7 per cent higher . Etihad Etisalat, the second-largest mobile-phone company in Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , gained 3.7 per cent to SR42. The shares have increased 35 per
cent this year, valuing the company at SR29.3 billion.
Banking shares index also recorded 0.92 per cent gains, led mainly by Al Rajhi Bank, which closed 1.95 per cent higher. The Arab world's biggest bourse bourse (b  rs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. has advanced 32 per cent this
year after losing more than half its value in 2008 as oil prices
dropped. It is the only Arab exchange monitored by Bloomberg that is
open on Saturdays.--
Copyright 2009 Khaleej Times The Khaleej Times is a daily English language newspaper published in Dubai, United Arab Emirates. It is published by Galadari Printing and Publishing L.L.C. with the Gulf News being its main competitor. . All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
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