RIYADH, 21 November 2003 — Saudi Arabian stocks closed the week yesterday up 2.3 percent, driven largely by a surge in the shares of Saudi Electricity Corp. (SEC) and Saudi Basic Industries Corp. (SABIC), Bakheet Financial Advisers (BFA) said.
SEC and SABIC shares increased by 8.5 percent and 5.1 percent respectively recovering some of their earlier losses in past weeks. The Tadawul All-Shares Index (TASI) finished the week at 4199.92 points, up 2.3 percent on last week’s closing of 4106.91 points.
The TASI, which crossed the psychological 4,000-point barrier in mid-August, is now 66.8 percent up since the start of 2003.
Trading value this week reached about SR9.7 billion ($2.5 billion), down against last week’s SR10 billion ($2.66 billion).