Business Services Industry

AME Info, Abu Dhabi, United Arab Emirates, Stock Watch Column.

Knight Ridder/Tribune Business News, March, 2003

By Peter J. Cooper, AME Info, Abu Dhabi, United Arab Emirates Knight Ridder/Tribune Business News

Mar. 31--SAUDI SHARES ADVANCE STRONGLY ON IRAQ WAR: Shares in Saudi Arabia continued their strong upward movement last week, with the bourse now up by 9.2 percent since the US-led attack on Iraq started, and 4.3 percent in the past week.

The market pushed higher with big gains by most blue chips. Saudi Electricity jumped after its dividend announcement, while Saudi Telecom and the banks moved sharply higher to recover most of their losses of recent weeks.

Developments in the oil market underpinned investor confidence. Oil prices may be down $10 per barrel on earlier highs but there was a sharp rebound at the close of last week on the...

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