RIYADH, 28 May 2003 — Saudi shares cruised yesterday to yet another record high, the third in just four days, amid hectic trading on the back of historical cash flow levels in the Kingdom, traders said.
The Tadawul All-Shares Index (TASI) closed the day on 3,151.90 points, up 1.4 percent from Monday’s closing of 3,109.07 points.
The index recorded new all-time highs on Saturday and Monday. The market finished the week on Thursday at 3,058.00 points.
Analysts and traders attributed the boom in the Saudi bourse to unprecedented liquidity levels, better-than-expected public revenues as a result of high oil prices and output, and the dollar depreciation.
Based on the latest figures by the Saudi Arabian Monetary Agency, domestic liquidity at the end of the first quarter hit its highest level ever. It reached $103.9 billion, up 15.3 percent on its level a year ago, and as much as 2.4 percent on the end-2002 level and 1.6 percent higher than its level at the end of February.
Trading value reached $970.6 million yesterday, a new record on a single day, as 29 million shares changed hands in 17,500 trades.