Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
Last updated 4 Days, 16 hours, 46 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
Saudi shares decline most in 4 months
October 14, 2012
 Print    Send to Friend

RIYADH: Saudi Arabia’s benchmark stock index slid the most in more than four months as local lenders missed third-quarter earnings estimates.

The Tadawul All Share Index lost 1.7 per cent to 6,682.47 by the 3:30pm close in Riyadh, the sharpest retreat since June 2. Saudi British Bank sank 2.7 per cent to a Dec.21 low of 29.1 riyals. Banque Saudi Fransi, partly owned by Paris-based Credit Agricole SA, retreated 3.3 per cent to 29.7 riyals, the biggest drop since Sept.18 last year.

Saudi British Bank reported a 4 per cent gain in third- quarter profit to 656 million riyals ($175 million) on Oct.10, missing a 826 million riyal forecast. Banque Saudi Fransi posted a 662 million riyal profit the same day, short of the mean estimate of six analysts for 785 million riyals. The Tadawul All Share Bank Index has gained 1 per cent this year compared with a 4.1 per cent rise in the All Share Index.

The Islamic bonds will enhance the bank’s capital base and help expand its lending activities, the Riyadh-based lender said in a statement to the Saudi bourse website. The maturity of the sukuk is no more than five years, it said.

Sales of sukuk in the six-member Gulf Cooperation Council have almost quadrupled this year to $18.5 billion as Saudi Arabia’s state-run General Authority of Civil Aviation and Qatar’s government sold $4 billion each, according to data compiled by Bloomberg.

“We expected bank earnings to weigh on the session today,” Asim Bukhtiar, head of research at Riyad Capital, said in an e-mail. “A sudden spike in provisions led to earnings misses for Saudi British Bank and Banque Saudi Fransi. There could be more negative surprises later in the week.”


Add this page to your favorite Social Bookmarking websites
Post a comment
Related Stories
Saudi 2012 surplus hits $102.93b on rising revenues
RIYADH: Saudi Arabia said on Saturday its budget surplus in 2012 hit 386 billion riyals ($102.93 billion) as oil-dominated revenues continued to rise, state television Al..
Saudi shares fall after six-day gain
RIYADH: Saudi Arabian shares fell for the first time in seven trading sessions, led by petrochemical companies and banks, following US markets lower after President Barac..
General Lighting in $60m Malaysia deal
DUBAI: General Lighting Company (GLC), a Saudi Arabian company part-owned by private equity firm Carlyle Group, has acquired Malaysia’s largest lighting fixture manufactu..
Saudi Arabia working to lower oil prices
DUBAI: Saudi Arabia is working to bring down oil prices, a senior Gulf source said on Tuesday, adding the majority of Opec producers wanted oil prices around $100 per bar..
Saudi stocks advance on US stimulus package
RIYADH: Shares in Saudi Arabia rose the most in six weeks after US stocks advanced for a second straight week on the Federal Reserve’s plan to buy mortgage securities and..
Advertise | Copyright