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Investors are still waiting for the Q3 2003 results from the three largest blue chips, STC, SABIC and SEC, which are due to be released in the next week, and will drive the market trend, according to the latest report from Bakheet Financial Advisors.
The Saudi stock market retreated this week with a decrease in trading level against previous weeks as a result of the decline in the three largest blue chip companies STC, SABIC and SEC by 2%, 4% and 9% respectively. These three companies represent 54% from the total market capital.
The Tadawul All Shares Index ended at 4186.29 points on Thursday October 16 , down by 3.4% from last week. But this still left the index 66.2% higher than at the start of the year.
Trading value reached 14.1 billion riyals, down against last week's 15.2 billion riyals, noted BFA. Saudi Basic Industries Corp. dominated trading value at 23% followed by Saudi Electricity at 17% and SAFCO at 13%.
As for top 10 blue chips, the only gainer was SABB up by 3.7%. The big losers were SAFCO and SEC down by 14.8% and 9.1% respectively.
On the Oil front, prices were up in this week due to a sharp decrease in the US heating oil inventory. WTI closed on Wednesday October 15
at $31.7 - up by $2.1 or 7.2% against last week.
A weaker week for Saudi stocks
The Saudi stock market retreated 3.4% last week and most Gulf bourses looked weaker. Possibly they have overshot and are ripe for a modest correction, although ever bouyant oil prices suggest otherwise.
Saudi Arabia: Thursday, October 16 - 2003 at 16:27
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Peter J. CooperThursday, October 16 - 2003 at 16:27 UAE local time (GMT+4)
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