RIYADH, 1 May 2006 — Saudi stocks rose 2.1 percent yesterday, as investors regained some confidence in a market fighting to find stability, brokers and analysts said. The Tadawul All-Share Index (TASI) closed 268.32 points higher at 13,043.37 points in a market driven higher by buying in the industrial sector. Turnover increased to SR16.2 billion ($4.3 billion) from Saturday’s SR12.4 billion — still much lower than averages of over SR40 billion before a market crash in February when wealthy speculators began pulling out of the bourse.
Global’s Net Profit Jumps 103 Percent
KUWAIT, 1 May 2006 — Kuwait’s Global Investment House (Global) said yesterday its first-quarter profit rose 103 percent year-on-year to 19.9 million dinars ($68.10 million), most of which was in “unrealized earnings.” In a statement posted on the bourse website after the market closed, Global said earnings per share rose to 34 fils from 20 fils a year ago. It said 13.3 million dinars of its profit were in unrealized profits, or the value of unsold portfolio already booked as gains although the underlying assets are yet to be sold.
Shuaa Posts 62% Rise in Net Profit
DUBAI, 1 May 2006 — Dubai-based investment bank Shuaa Capital posted a 62 percent increase in full-year net profit, although earnings growth slowed sharply in the last quarter of the financial year. The Dubai-based investment bank said yesterday it had made a net profit of 362.3 million dirhams ($98.64 million) in the year to March 31 on record consolidated revenues of 502 million dirhams, up 73 percent from the previous year.
