Trend is fund manager's friend - Saudi Arabian Tadawul bourse extends bull run
2012-03-05 - | Saudi Arabia | Latest News - Saudi Arabia: After reaching the highest level since October 2008 Saturday, the Tadawul All Share Index (Tasi) added 0.21% Sunday, to close at 7,351.28 points. "The upward trend is gaining ground so even those who are skeptical of its sustainability are forced to join in because their performance is judged against a market benchmark," said DIFC Authority's Chief Economist Dr. Nasser Saidi in his weekly economic commentary published Sunday. According to Saidi, Riyadh's market rise is not only based on the oil price spike, but on a broad macro-economic support. "Saudi Arabia's exports increased by 37% and reached SR1.29 trillion in 2011, while SAMA's (Saudi Arabian Monetary Agency) reserve assets exceeded SR2 trillion. Growth rates of credit to private sector doubled, and monetary aggregates also surged in 2011, indicating risk of growing inflationary pressure in the future, while current inflation remains relatively flat at the level of 5.3% (in January 2012)." Shares of bellwether Sabic, the global petrochems and metals producer headquartered in Riyadh, added 0.25% to close at SR101.75. Southern Province Cement Company slipped half a percent to SR99.75. Earlier in the day, the cement firm announced the start of the commercial production of a second line in its Tahama plant. "The production has reached 5,000 tons/day by now, which matches the nominal capacity as per the contract," Southern Province Cement said in a statement to the Tadawul market. Market breadth ended almost even as 74 shares advanced and 63 declined.  

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