Saudi Stock Exchange advances on bullish Emirates NBD statements
2012-03-01 - | Saudi Arabia | Latest News - Saudi Arabia: The Riyadh-based measure Tadawul finished Wednesday 0.80% higher at 7,226.43 points as oil prices remained on the bullish path. Earlier in the day Emirates NBD's CIO Private Banking Gary Dugan said in his weekly comment: "The rise in oil prices is good news for GCC economic growth and financial markets. The Saudi Taduwal index in particular could have a lot further to rise (...) All the hallmarks of previous rampant bull markets are in place again." The influential British private banker from Dubai added: "The valuation of the market remains at a reasonable level. The prospective PE of the market at around 14.0x is not that cheap relative to global markets. However for local investors maybe only a PE multiple closer to 18.0x would represent a point at which they might pull back from further purchases. The potential is for a further 30% upside in the market." Market bellwether Sabic closed 0.78% higher at SR101.50. Shares of Abdullah A. M. Khodari Sons Co. slipped half a percent to SR53.75. Earlier in the day, the real estate contractor announced the signing of an Islamic credit agreement for additional facilities with Saudi Arabia's largest lender National Commercial Bank (NCB) on Tuesday. The facilities are worth SR567m. Al Khodari Sons said in a statement: "The purpose of these credit facilities is to provide bonding commitments and to fund capital requirements and working capital needs for the company's specific projects."  

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