JEDDAH, 12 November 2005 — The Saudi stock index broke the 16,000-point barrier as the Tadawul All-Share Index (TASI) closed on Thursday at an all-time high of 16,077.38, up 77.39 points from Wednesday’s closing.

The index gained over 1,000 points in 6 trading days — three days before and three days after Eid Al-Fitr holidays.

The index went up by over 95 percent so far this year.

The Saudi stock market continued its rally which started at the end of last month after Saudi Arabia got formal approval to join the World Trade Organization (WTO).

Traders said Saudi stocks will continue to rise further as the WTO’s Executive General Council (EGC), meeting in Geneva yesterday, endorsed Saudi Arabia’s bid to become the 149th member of the global group.

Banking shares dominated the trading as healthy profits of last year continued into 2005. A windfall from high oil prices is generating sufficient liquidity in the Kingdom and helping local banks to maintain momentum.

The Banking index gained 528.20 points on Thursday at 39,502.42. Shares of Bank AlJazira and the Saudi Investment Bank fell slightly at SR1,299 and SR996, respectively. However, shares of the Saudi British Bank (SABB) and Saudi Hollandi Bank jumped over two percent on Thursday at SR1,675 and SR1,000, respectively. Al-Rajhi Banking & Investment Corp. shares rose 1.43 percent to close at SR2,391.75.

The fall in shares of petrochemical giant Saudi Basic Industries Corp. (SABIC), Sahara Petrochemical, Saudi Pharmaceutical Industries and Medical Appliances Corp., National Gas and Industrialization Co., Saudi Industrial Development Co., Amiantit, Filling & Packing Materials Manufacturing Co. and Arabian Pipes Co. sent the Industrial index down by 121.82 points at 40,482.10 on Thursday.

The Cement index was also lower as shares of all companies fell except Southern Cement.

The Electricity index was also down slightly as shares of Saudi Electricity Co. (SEC) were lower at SR138.75.

The Telecom index rose as shares of Saudi Telecom Co. (STC) and Etihad Etisalat were trading higher at SR925 and SR718, respectively.

Tourism Enterprise Co. shares jumped by 9.99 percent at SR407.25 followed by Arriyadh Development Co. by 4.47 percent at SR268.50.

Out of 77 shares traded, 40 were higher while 32 were down. The value of the traded shares continued to rise and crossed SR10.83 billion on Thursday.