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Saudi economic momentum remains in tact; oil output up


Post Date: 05 Aug 2013    Viewed: 387

Saudi Arabia is maintaining its healthy underlying economic momentum, according to Jadwa Investment. Net income of listed companies in Saudi Arabia totaled SR25.6 billion in the second quarter, up in both annual and quarterly terms by 4.6 percent and 12.3 percent, respectively.


Banks recorded the highest nominal earning while agriculture and food industries and multi-investment posted the best earnings growth in year-on-year terms, according to Jadwa’s Saudi Chartbook.


It also said that latest data point to a modest slowdown of economic activity in June, with indicators of consumer spending and cement sales and production slowing on the back of a seasonal trend. Nonetheless, the healthy underlying economic momentum remains in place.


Bank claims on private sector jumped in June. Monthly growth was the second highest this year though in year-on-year terms it marginally slowed. With total deposits falling, for the first time since February, the loan-to-deposit ratio rose to 81.5 percent.


Jadwa Investment said year-on-year inflation slowed to a seven-month low in June, owing to lower core inflation and food prices while rent and housing-related services component remained flat.


The report said food inflation is expected to increase further in July owing to a seasonal trend while strong housing demand will keep the upside risk to rental inflation.


Nonoil exports fell in May. Much of the decline was due to a lower petrochemicals exports while lower imports of machines and equipment and transport equipment pushed imports down. New letters of credit opened for imports suggest a recovery in the next few months.


WTI rose above $100 per barrel for the first time since April last year, owing to improving US data, drop in US oil stocks and tension in Egypt.

The Kingdom raised its oil production in the last two months as crude output from other OPEC producers fell.


The Tadawul All-Share Index rose in July, maintaining a 5-month positive trend which took the index to a 16-month high. The rise came in line with positive quarterly results. Following a regular trend in Ramadan, daily average volumes were the lowest this year.


Twelve sectors are up so in July, with four posting double-digit gains. Performance was best in sectors with strong economic fundamentals.


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