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The Saudi stock market is treading water and waiting for Q2 financial statements from Saudi Telecoms and Sabic to point the way forward.
Last week saw low but volatile trading in a narrow range, with the Tadawul all-share index up by just 0.2% to 3,600.19 points. However, this is still 43% higher than at the start of the year making the kingdom one of the world's best performing stock markets.
Economists interviewed by Reuters last week said that high oil prices and poor investment alternatives abroad are likely to boost share prices in the second half of the year. But they reckoned the advance would not be as big as in the first half.
Investor sentiment has also been lifted by the passing of a new Capital Market Law last month which will introduce a fully fledged stock exchange in place of the present inter-bank bourse.
With a market capitalisation of $120 billion the Saudi bourse is by far the biggest stock market, and the model for other regional exchanges to follow.
Reforms are also afoot in the UAE bourse, and the Dubai International Financial Centre is also planning to launch some sort of capital market, although its plans remain unclear.
Saudi market awaits blue-chip results
The Saudi Arabian stock market looks set for a positive second-half after a massive rise since the start of the Iraq War.
Saudi Arabia: Saturday, July 05 - 2003 at 09:33
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Peter J. CooperSaturday, July 05 - 2003 at 09:33 UAE local time (GMT+4)
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