JEDDAH, 27 December 2005 — The Saudi stock market recovered slightly yesterday. The Tadawul All-Share Index (TASI) closed at 16,656.49, up 44.50 points from Sunday’s closing.
The value of traded shares reached SR25.5 billion yesterday.
The Banking index dropped by 204.28 points to 40,644.10 as shares of major banks declined. Only shares of Riyad Bank, Saudi Hollandi Bank and The Saudi British Bank rose slightly.
Rise in share prices of major companies such as Saudi Basic Industries Corp. (SABIC), Food Products Co., Arabian Industrial Development Co. and National Industrialization Co. sent the Industrial index higher by 184.21 points to 40,963.10 yesterday.
However, shares of Saudi Arabia Refineries Co. (SARCO) continued to plunge yesterday. Its shares closed 10 percent down at SR3,654.50.
The Cement index declined 121.54 points to 10,287.44 as shares of all companies in this sector were in the red yesterday.
In the services sector, shares of Tihama Advertising & Public Relations Co. rose 5.02 percent to SR424 and Ahmed H. Fitaihi Co. by 3.74 percent to SR305.
The Electricity and Telecom indices edged higher yesterday as shares of Saudi Electricity Co., Saudi Telecom Co. and Etihad Etisalat edged higher.
The National Company for Cooperative Insurance shares gained 3.12 percent to close at SR710.50.
The Agriculture index was down despite 9.99 percent and 4.63 percent increase in Bishah Agriculture and Jouff Agriculture shares, respectively. However, shares of Gizan Agriculture fell 6.09 percent to SR601.
Meanwhile, the private placement of 740 million new shares in Al-Dhiyafa Holding Company, a recently established Kuwaiti holding company that will acquire a valuable and diversified portfolio of prime hospitality companies and assets in Egypt, Lebanon and Kuwait against the backdrop of a booming regional tourism and hospitality industry, was launched yesterday by KIPCO Asset Management Company (KAMCO) at a price of 105 Fils per share (including 5 Kuwaiti Fils per share as subscription fees).
Al-Dhiyafa was incorporated on Nov. 28, 2005 with a capital of one million Kuwaiti dinars by a group of prominent Kuwait Projects Company (KIPCO) affiliated companies including United Gulf Bank, KAMCO, National Mobile Telecommunications Company, Gulf Insurance Company and United Real Estate Company.
The private placement of at least 740 million new shares through a capital increase will be offered to existing shareholders as well as invited new investors.