JEDDAH, 11 October 2005 — The Saudi stock market was slowly heading toward the 15,000 mark again after major fluctuation last week and early this week. The Tadawul All Share Index (TASI) was higher slightly by 30.84 points at 14,906.25 just before the closing yesterday.
The Industrial index gained over 209 points at 39,538.41. The Banking index was down 41.40 points at 33,198.10.
Bank AlJazira, Banque Saudi Fransi and Samba Financial Group shares were higher while shares of other banks declined.
The other Electricity, Telecom and Agriculture indices were also lower yesterday.
Bishah Agriculture shares jumped 9.95 percent at SR389.50, followed by the National Shipping Company of Saudi Arabia by 8.22 percent at SR382, Zamil Industrial by 5.12 percent at SR630.75, SARCO by 5 percent at SR1,617, Eastern Agriculture by 4.11 percent at SR328.50 and SISCO by 3.85 percent at SR269.75.
However, shares of Thim’ar fell by 4.37 percent at SR219, Fitaihi by 3.90 percent at 234 and Saudi Industrial by 3.70 percent at SR234.50.
Saudi Basic Industries Corp. shares were slightly higher at SR1,624.75.
Meanwhile, a number of businessmen and financial analysts have urged the Capital Market Authority (CMA) not to increase the capital of losing companies. They also emphasized the need for educating investors on how to deal with shares. In press statements yesterday they also pointed out that speculative trading had led to increasing stock prices of small companies even after their weak performance.