JEDDAH, 1 December 2005 — The Saudi stock market seems to be undergoing a minor correction as the index, after hitting a record high on Monday, took a downward path for two consecutive days.

The Tadawul All-Share Index (TASI) closed yesterday at 16,311.11, down 67.76 points from Tuesday’s closing.

Despite fall in shares of major banks, the Banking index was higher by 248.28 points at 42,245.16. Shares of three banks — Al-Rajhi Banking and Investment Corp., Banque Saudi Fransi and Arab National bank — rose yesterday while shares of all other banks declined.

All other indices fell yesterday. The Industrial index was down by 320.20 points, Telecom by 78.08 points, Cement by 67.63 points and Electricity by 30.61 points.

National Agriculture Marketing Co. shares jumped by 9.95 points at SR 422.50, followed by Al-Baha Investment & Development Co. by 9.94 percent at SR312.50, Saudi Land Transport Co. by 7.59 percent at SR357.75, Tourism Enterprise Co. by 6.77 percent at SR552 and Saudi Industrial Development Co. by 2.94 percent at SR341.

Among the top losers yesterday were Bishah Agriculture by 2.64 percent at SR516 and Arabian Industrial Development Co. by 2.33 percent at SR461.25.

Saudi Basic Industries Corp. (SABIC) and Sahara Petrochemical shares dropped yesterday to SR1,557.75 and SR625, respectively.

In the cement sector, only shares of Eastern Cement rose while shares of all other companies declined.

Shares of Saudi Telecom Co. (STC) and Etihad Etisalat fell yesterday to SR895 and SR713, respectively.

Saudi Electricity Co. (SEC) shares dropped to SR139 yesterday.

Out of 77 companies traded, 53 were down while only 22 were up. Over SR19.8 billion worth of shares changed hands yesterday.

Meanwhile, Jemaz Al-Suhaimy, chairman of Capital Market Authority (CMA), called upon companies listed on the Saudi stock market to provide the information required by shareholders and dealers. Opening a workshop organized by the authority in Riyadh, he said the CMA would introduce new regulations to control companies and force them to follow the principles of transparency. Chairmen of boards and chief executives of several companies attended the workshop. “Board members should make sure important information is not leaked to any individual or family member of friends or media persons,” Al-Suhaimy said.