RIYADH, 6 April 2006 — Saudi shares ended a volatile session yesterday almost unchanged amid profit-taking by speculators on stocks that have undergone a share split and heavy buying of blue chips. The Tadawul All-Share Index (TASI) closed 0.05 percent down at 17,665.07 points after fluctuating between a rise of 1.53 percent and a fall of 0.53 percent. Turnover amounted to SR24.5 billion ($6.53 billion) little changed from Tuesday’s SR24.7 billion.
SAIB Launches $100 Million Fund
RIYADH, 6 April 2006 — Saudi Investment Bank (SAIB) will open this week subscription for a one-year closed-end fund that will invest in Asian, European and US stock markets, a bank manager said yesterday. “We expect to raise $100 million, maybe more, for this fund which will be the first in Saudi Arabia to offer both emerging and mature stock markets,” Radi Haddad, SAIB’s investment services and financial planning manager, told Reuters. Subscription for the Himaya fund will open on Saturday and close on May 7 with a minimum $100,000 subscription.