JEDDAH, 22 September 2005 — The Saudi stock market continued its upward momentum yesterday though the rise was marginal.

The Tadawul All Share Index (TASI) gained 19.74 points to close at 15,029.58.

The indices remained mixed yesterday. The Banking, Services, Electricity and Insurance indices dropped while the Industrial, Cement, Telecom and Agriculture indices were higher.

The banking index dropped by 44.95 points at 32,537.10 as shares of Riyad Bank, Bank AlJazira, Saudi Hollandi Bank, the Saudi British Bank, Samba Financial Group and Bank Albilad were trading lower yesterday.

The Industrial index edged higher slightly at 40,214.85 despite decline in shares of major companies such as Saudi Basic Industries Corp. (SABIC), Saudi Arabia Fertilizers Co. (SAFCO), Saudi Arabia Refineries Co. (SARCO), National Industrialization Co., National Gas & Industrialization Co., National Gypsum Co., Al-Ahsa Development Co., Saudi Chemical, Saudia Dairy and Foodstuff Co. (SADAFCO) and Almarai Company.

A Saudi stock market expert said the market was heading for strong profit-taking deals, adding that prices of most companies were inflated. He also said that the market was lacking capable analysts to provide dealers useful guidelines.

At the same time, investors in the market said they were awaiting third quarter results of companies to make their decisions. They also expressed their fears that any poor result would affect their profits.

Dr. Mahmoud Shams, a financial analyst, warned dealers that they would suffer heavy losses if they run after rumors and meaningless advices. He said speculators spread rumors at stock exchange halls in order to serve their vested interests.

Eastern Agriculture shares were higher by 7.73 percent at SR249, followed by Food Products Co. by 5.66 percent at SR224, Saudi Industrial Services Co. (SISCO) by 5.65 percent at SR285, Fitaihi by 5.60 percent at SR334.75 and Alujain Corporation by 4.27 percent at SR384.75.

However, Jarir Marketing Co. shares fell by 2.32 percent yesterday to close at SR1,086, followed by Saudi Hotels and Resort Areas Co. by 2.16 percent at SR498.

Saudi Telecom Co. shares edged higher by 2.18 percent at SR962.50 while Etihad Etisalat shares dropped by 1.11 percent at SR626.

Out of 77 stocks traded, 34 were up while 40 were trading down yesterday.