RIYADH, 23 January 2004 — The Saudi stock market closed the week yesterday up just 0.5 percent after limited trading as investors awaited 2003 corporate results, Bakheet Financial Advisers (BFA) said.
Tadawul All-Shares Index (TASI) finished the week at 4,538.72 points, up from last week’s closing of 4,516.53 points, BFA said. The TASI is now 2.3 percent up since the start of the year.
“The Saudi stock market was quiet amid limited trading, driven by investors’ eyeing the soon to be published annual 2003 corporate financial results,” especially those of large companies such as Saudi Telecom and Saudi Basic Industries Corp (SABIC), the financial analysts said.
Saudi Electricity Co. (SEC) announced its 2003 results showing a 38 percent increase in profits compared to 2002, but most of the profits were recorded in the third quarter of the year, BFA said.
“The annual 2003 corporate financial results to be announced soon ... will drive the market in the coming days. On the other hand, the high level of oil prices will continue to give positive support to the market,” they said. Trading value during the week reached SR16.6 billion ($4.4 billion), down sharply from last week’s SR25.2 billion ($6.7 billion). Stock prices of 34 companies rose, 34 saw their shares decline and two were unchanged.
Al-Rajhi Banking and Investment Corp. and Saudi British Bank, both up 1.5 percent, were the major gainers among the top 10 blue chips. The biggest losers were Saudi Arabian Fertilizer Co. and Riyad Bank, down 0.5 percent and 0.4 percent, respectively.