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GCC stock markets were in a holding pattern last week with little movement to note. Investors are waiting for the publication of financial results for the first nine months of 2003 before deciding what to do.
The Saudi stock market closed the week down 0.5% with the Tadawul all shares index ending at 4,355.18. Riyad Bank reported nine-month profits up 13.8% which left investors hopeful about announcements to come.
Both Sabic and Safco post results this week and added 4% and 11% respectively to their share prices in anticipation of good figures. Meanwhile, Saudi Electricity lost 5% due to the distribution of seven bonus shares for every 100 due to an internal reorganization.
Brokers Bakheet Financial Advisors said the direction of the market will be 'stock by stock dependent in the next two weeks'.
Elsewhere, in the GCC stock markets are also looking for a reason to move higher, although the continued high oil price gives investors no reason to exit. Financial results are thus keenly awaited.
GCC markets await Q3 results
GCC investors want to see Q3 financial results before they commit more money to stock markets which have already run up substantial gains this year.
Saudi Arabia: Saturday, October 11 - 2003 at 11:07
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Peter J. CooperSaturday, October 11 - 2003 at 11:07 UAE local time (GMT+4)
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