Tadawul keeps upward momentum

Updated 03 January 2013
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Tadawul keeps upward momentum

Saudi Arabia's benchmark stock index (Tadawul) continued pacing its way higher throughout the day to close yesterday's trading in the green territory at 6,940.31, achieving 1.17 percent or 80.29 points for the session.
All market cap indices ended the day in the safe area.
Sectoral performance was tremendous, as 13 out of the 15 sectors closed in the upward territory, accumulating 881 points collectively. Only Multi-Investment and Insurance sectors closed a little lower from previous day's level, declining by 0.74 percent and 0.25 percent respectively.
Real Estate Development and Petrochemical Industries were best performing sectors of the day, surging by 2.65 percent and 1.53 percent respectively. Banking sector also added 171 points to close at 14,873.17.
Six out of top ten market cap companies ended the day in green.
Al-Rajhi Bank and market leader SABIC (Saudi Basic Industries Corp.) remained at top among big players, rising by 1.9 percent and 1.4 percent respectively.
There were 93 net advancing issues, a largely strong market breadth.
Ash-Sharqiyah Development Company turned in a splendid performance among all Saudi stocks, soaring up SR 6 or 9.95 percent to close the day at SR 66.25. Alkhaleej Training and Education Company followed it, advancing 6.59 percent for the day.
Amanah Cooperative Insurance, on the contrary, delivered a largely negative performance for the fourth straight day, slipping 8.91 percent further to SR 112.5.
The buying interest started to restore, as more than 198.9 million shares worth SR 5.79 billion exchanged hands on the Saudi Stock Market. This turnover reflects a 38.4 percent increase in terms of volume and 31.3 percent in terms of value as compared to the previous day.


UAE’s Central Bank reshuffles board of directors

Updated 16 min 26 sec ago
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UAE’s Central Bank reshuffles board of directors

DUBAI: The UAE Central Bank’s board of directors has been reshuffled under a decree by President Sheikh Khalifa bin Zayed, according to the state news agency WAM.
Central Bank Gov. Mubarak Rashed Khamis Al-Mansoori has been reappointed for the next four years, the agency said.
Other members of the board reappointed for the next four years include Hareb Masoud Hamad Al-Darmaki as chairman; Abdulrahman Saleh Al-Saleh as vice chairman; and Younis Hajji Al-Khoori, Khalid Mohammed Salem Balama, Khalid Ahmed Altayer and Ali Mohammed Bakheet Al-Rumaithi.
The central bank said in a statement it had been working with the bank and the government of Sharjah to develop a plan to strengthen the lender’s capital base.
The UAE central bank said it would “support Invest Bank with all the available liquidity facilities, which remain at Invest Bank’s disposal; if, and when, needed.”