Saudi Arabian stocks rose the most in three weeks as crude oil climbed past US$65 a barrel and evidence mounted that the global economy is on the road to recovery. The Tadawul exchange, the only Gulf exchange that is open to trading on Saturdays, gained 2.34 per cent to 5924.96, its highest value since May 9.
Saudi Basic Industries Corporation (SABIC), the world's largest chemical maker by market value, led the gains among oil and chemical companies with a rise of 6.18 per cent to 68.75 Saudi riyals. Halwani Brothers, the Saudi Arabia-based food maker, rose to its highest level in more than a year of 40.8 riyals.
"There haven't been specific disclosures to push the market up coming from the listed firms, the gains are mainly driven by the rise in oil prices at the moment," said Ayman el Saheb, the director of operations at Darahem Financial Brokerage. Analysts say signs of economic recovery are also helping confidence return to the markets. "Global optimism is another catalyst that's pushing the index higher," Ali Khan, the managing director of Arqaam Capital, told Bloomberg.
The Tadawul All Share Index is up more than 5 per cent this month. With the Saudi market starting the week on gains and high trading volumes, supported by rising oil prices, Gulf shares are expected to climb this week. Petrochemical stocks are poised for gains, with crude oil futures rising for the fifth straight day on Friday and hitting a six-month high of US$66.47 a barrel, fuelling stocks such as the bellwether SABIC.
"We expect that the Saudi stock market will be stable during this week as investors regain confidence in light of the improvement of global economic conditions," Bakheet Investment Group, or BIG, told Zawya Dow Jones. The market fell about 4.3 per cent last week on profit taking after a sharp rally starting in early March, although the Tadawul benchmark index remains the Gulf's best performer this year, up more than 21 per cent. Stocks worldwide rallied on Friday after reports showed industrial production in Japan increased the most since 1953, while India's economy expanded faster than economists estimated.
Crude oil for July delivery rose $1.14, or 1.8 per cent, to $66.22 a barrel, the highest since Nov 4. Oil has advanced 30 per cent this month, the biggest monthly increase since March 1999. Saudi Arabia is the world's largest oil exporter.
Saudi Electricity, the state-controlled power producer, rose 1 per cent to 10 riyals after the company said it would establish new electricity generation, transport and distribution units as part of its restructuring plans.
shamdan@thenational.ae
* with agencies
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
SPECS
Engine: Supercharged 3.5-litre V6
Power: 400hp
Torque: 430Nm
On sale: Now
Price: From Dh450,000
Sweet Tooth
Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now