JEDDAH, 29 October 2005 — The Saudi stock market witnessed fluctuations last week as investors were involved in a sell-off of blue chips, particularly the Saudi Basic Industries Corp. (SABIC).

The Tadawul All Shares Index (TASI) closed week on Thursday at 14,998.86 points, virtually unchanged from last week and likely to cross again the 15,000 mark. TASI is currently 82.8 percent higher than the year’s start, the Bakheet Financial Advisors (BFA)said in its weekly report.

BFA expected the Saudi stock market to “gradually switch gears into quiet and slow trading ahead of Eid Al-Fitr holiday, which shall give investors a chance to consolidate their positions”.

The value of 77 stocks traded reached SR93 billion last week.

SABIC shares closed at SR1,505.

Saudi Real Estate Co. shares rose 26.75 percent last week to reach SR616, followed by Saudi Livestock by 24.68 percent at SR96, Saudi Indsutrial Development Co. by14.16 percent at SR288.25, Bishah Agriculture by over 14 percent at SR477.50 and Thim’ar by 11.57 percent at SR270.

However, shares of Jarir Marketing Co. dropped by 5.48 percent at SR1,155 and Saudi Automotive Services Co. by 3.82 percent at SR611.

Kuwait’s KSE all-share price index gained 3.3 percent, closing week at an all-time high of 11,311 points, compared to previous week’s close at 10.948 points, according to the market’s weekly report.

In the United Arab Emirates, the benchmark prices of the Dubai and Abu Dhabi stock exchanges shed 1.2 percent lat week, closing on Thursday respectively at 1,189 points and 5,445 points.

Arab stock markets are expected to gather momentum this week as the fasting month of Ramadan draws to a close and investors take fresh positions in anticipation of a surge in prices after the Eid Al-Fitr holiday, tentatively set for Nov. 2-5, financial analysts said yesterday.

“We believe investors are inclined to take fresh positions against expectations that stocks are heading to new highs after Eid Al-Fitr festivities,” an Amman-based portfolio manager told Arab News, asking anonymity.

“This trend is supported by market fundamentals, foremost the better-than-expected third quarter results of listed firms. Besides, markets usually witness surges after the holy month of Ramadan,” he said.

Jordanian shares seemed to observe this trend early, as the all-share price index of the Amman Stock Exchange gained 4.92 percent in the week ending on Thursday, to close at 8,001.27 points, up from 7,626 points previousweek, according to the ASE weekly report.

The benchmark price was propelled by a 6.18 percent rise in the share of the heavyweight Arab Bank, which accounts for about 40 percent of the market’s capitalization, dealers said.