Tadawul market bull run continues as construction-related shares surge
- Saudi Arabia: Monday, December 03 - 2012 at 17:11
The Tadawul All-Share Index gained for the third day straight, ending 0.36% higher at 6,732.46 points. The sentiment in Riyadh was supported by rising oil prices (up $0.62 at $108.31, DME Oman crude). The cement sector index (up 1.14%) gained the most among the Tasi sub-indices. Shares of Dar Al-Arkan Real Estate Development surged 0.63% to hit SR8.00. Earlier in the day, Arab News said the kingdom was in need of a SR1.3trillion ($346bn) housing investment by 2020 to satify the rising demand. Around 60% of the 28m Saudi nationals are younger than 30 years. Thorsten Schneider, business unit manager Gulf region at Germany's industrial giant Henkel Group said in an interview with Xinhua last month he was more bullish on Saudi Arabia than on the UAE in relation to construction and real estate. "The kingdom has a housing gap of 5 million homes, while residential construction in the UAE is much more volatile and speculative," said Schneider.
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