|
Rising Oil Prices, 1st Quarter Results Boost Stocks
JEDDAH/AMMAN, 26 April 2008 — Rising oil prices and quarterly
corporate results, particularly of blue chip firms, were apparently
behind a sustained recovery at the Saudi stock exchange last
week.The Tadawul All-Share Index (TASI) gained 1.28 percent last
week, closing at 9,754.10 points from 9,630.37 points in the
previous week. TASI is currently 11.6 percent lower than the year’s
start.The weekly report by Riyadh-based Bakheet Investment Group
(BIG) attributed last week’s gains mainly to a 10-percent growth in
quarterly profits of the petrochemical conglomerate, the Saudi Basic
Industries Corp. (SABIC), as well as to first quarter profits
announced by the Saudi Telecom Co. (STC) and Mobily (Etihad Etisalat),
which grew by 11 percent and 30 percent, respectively. |
