JEDDAH, 23 January 2006 — The Saudi stock index broke through the 18,000 barrier yesterday. The Tadawul All-Share Index (TASI) closed to an all-time high of 18,004.08 points, up 329.85 points or 1.87 percent from Saturday’s closing. The index previously hit a record high of 17,675.91 points on Jan. 8.
Over SR37.47 billion worth of shares changed hands yesterday.
The rise in shares of Al-Rajhi Banking & Investment Corp. and Saudi Hollandi Bank (SHB) sent the Banking Index higher by 1,880.29 points to 44,518.57. SHB shares jumped by 10 percent to SR1,254 as it announced the plan to offer shareholders three bonus shares for every four shares they hold. Al-Rajhi Bank shares also soared 9.99 percent to SR3,384.50 yesterday.
Faisal Alsayrafi, president and CEO of Financial Transaction House (FTH), told Arab News that big investors, brokers and ample available liquidity were behind this phenomenal rise in stock prices.
“I believe the announcements of yearly and fourth quarter results of various listed companies helped boost the stock market. As more companies announce their results, the stock market will continue to go up in the near future,” he added.
Shares of petrochemical giant Saudi Basic Industries Corp. (SABIC) rose slightly to SR1,660 as it posted a record profit of SR19.2 billion last year.