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Saudi economic outlook lifts market, Dar Al Arkan disappoints
- Saudi Arabia: Wednesday, January 09 - 2013 at 08:55
The Tadawul All-Share Index added 0.55% Tuesday to reach 7,053.29 points amid higher trading volumes than on Monday. Jadwa Investment's Senior Economist Fahad Alturki said in his Tuesday published economic outlook for KSA: "We expect another year of solid economic performance in 2013." Alturki added that "we expect economic growth to fall to 4.2% in 2013, down from 6.8% in 2012." This decline is because oil production is forecast to drop after a 5.5% rise in 2012, whilst Growth in the nonoil economy will be 5.8%, he said. Sabic gained 0.82% to hit SR92.75. Dar Alarkan Real Estate Development Company as the most liquid share dived 6.08% to close at SR8.50. Earlier in the day, the developer said annual net profits in 2012 fell 9.1% year-on-year, amounting to SR988.5m. Dar Al Arkan's Q4 net income halved to SR144m.
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Gérard Al-Fil, Financial JournalistWednesday, January 09 - 2013 at 08:55 UAE local time (GMT+4)
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