JEDDAH, 8 December 2005 — The Saudi stock market stayed in record territory yesterday. The Tadawul All-Share Index (TASI) kept its upward momentum and closed 51.69 points higher at a record 16,810.56. Stock indices were mixed. The banking, industrial, cement and electricity indices were higher while the telecom, services, insurance and agriculture indices were down.

The value of shares traded declined to SR22.23 billion from Tuesday’s SR26.83 billion.

Despite a fall in major banking shares, the index closed yesterday at 41,346.88, up 95.04 points. Only shares of Al-Rajhi Banking & Investment Corp. and The Saudi British Bank were in the black while shares of other banks fell.

Shares of the petrochemical giant Saudi Basic Industries Corp. (SABIC) continued to rise and closed 1.03 percent higher at SR1,761. Saudi Pharmaceutical Industries & Medical Appliances Corp. shares jumped 5.06 percent at SR940.25.

The Industrial Index was higher by 310.56 points at 43,669.96.

The Cement Index was up 93.91 points at 8,818.75. Shares of Saudi Cement gained 3.28 percent to close at SR693. Qassim Cement and Eastern Cement shares fell to SR896 and SR722, respectively.

Saudi Electricity Co. shares were higher by 1.80 percent at SR141.50.

In the telecom sector, shares of Saudi Telecom Co. and Etihad Etisalat declined yesterday.

The Agriculture Index was also down at 6,665.08 as shares of all companies dropped yesterday.

Analysts say that due to record continuous increases in share prices, the mutual funds of Kingdom’s various banks are also doing very well.

Abdul Hameed Al-Omari, a member of the Saudi Economic Society, said Saudi investment funds had been listed among the best 30 funds in the world. “Saudi funds hold leading positions among the world’s 56,100 investment funds,” he said.

Al-Omari estimated the total assets of these funds at more than SR61 trillion. He said Al-Musahim Fund of Samba Financial Group held the sixth position in the world with its performance reaching 142.8 percent. Al-Amana Fund of Saudi British Bank (SABB) holds the eighth position with a performance rate of 134 percent.

Al-Raed Fund of Samba and Al-Mutajara Fund of SABB are classified as the world’s 12th and 13th funds.