JEDDAH/AMMAN, 15 July 2006 — The Saudi stock market continued to fall last week in what analysts described as a profit-taking move.

Despite announcements of half-yearly results of some listed companies, the Tadawul All-Share Index (TASI) plunged 1,184.77 points or 9.08 percent last week, closing at 11,868.42 points on Wednesday, down from previous week’s close at 13,053.19 points.

TASI is currently 29.0 percent lower that the year’s start.

According to weekly report of the Riyadh-based Bakheet Financial Advisors (BFA) the market to “remain volatile” until the publication of the semi-annual results of all blue chip firms.

The stock market turnover also declined to SR109.69 billion compared to SR120.90 billion in the previous week. Saudi Electricity Co. (SEC) was most active by value last week at SR5.25 billion, followed by Al-Mawashi Al-Mukairish United Co. at SR3.95 billion, Saudi Industrial Development Co. at SR3.58 billion, Saudi Automotive Services Co. (SASCO) at SR3.52 billion and Saudi Pharmaceutical Industrial & Medical Appliances Corp. at SR3.21 billion.

Out of 81 companies traded, shares of only six companies rose while shares of all other companies declined.

The top gainer last week was Saudi Industrial Development Co., up 29.17 percent to SR62. Shares of Saudi Hotels & Resort Areas Co. rose 15.97 percent to SR69 and Saudi Dairy and Foodstuff Co. (SADAFCO) by 5.13 percent to SR82.

Shares of Tourism Enterprise Co. plunged 22.99 percent to SR83.75 last week, Zamil Industrial by 22.20 percent to SR125.25 and Almarai Group by 21.88 percent to SR128.50.

Shares of petrochemical giant Saudi Basic Industries Corp. (SABIC) fell 9.34 percent to SR157.75 last week.

In the telecom sector, shares of Saudi Telecom Co. (STC) dropped 8.37 percent to SR109.50 and Etihad Etisalat by 12.61 percent to SR78.

In the banking sector, shares of Bank Albilad fell 14.21 percent to SR86 and Al-Rajhi Bank 9.50 percent to SR 309.50 by last week

Kuwait’s KSE all-share price index closed at 9,930 points, marginally lower than last week’s close at 9,966 points.

Shares of Qassim Agriculture, Hail Agriculture and Bishah Agriculture fell over 17 percent each last week.

Investors continued to monitor the political developments in the country in the wake of last month’s elections and the formation of a new government, an Amman-based portfolio manager said.

The United Arab Emirates stock exchanges of Dubai and Abu Dhabi continued their sluggish performance, closing almost flat at 428.8 points and 3,535 points respectively.

Egyptian shares responded to the military escalation in the region, losing 3.45 percent on Thursday.

The Hermes all-share price index shed 5 percent on a weekly basis, closing at 45,536 points down from last week’s close at 47,868 points.

“I believe regional markets will come under psychological impact as a result of the flare-up in military operations,” Wajdi Makhamreh, investment director and head of brokerage at the Jordan Finance & Investment Bank told Arab News. “I think investors will take a wait-and-see approach and refrain from taking positions until the military operations are over.”

Makhamreh said that the brunt of the pressures would be borne by the Lebanese and Israeli shares, which dropped 10 percent and 4 percent respectively on Thursday.

“The huge destruction in the civilian and tourism installations in Lebanon will have a far-reaching impact on the country’s economy,” he added.

He expected thousands of Gulf tourists who fled Lebanon over the past couple of days to go to Syria and Jordan.

The all-share price index of the Amman Stock Exchange shed 1.5 percent on Thursday, bringing the total weekly drop to 3.38 percent, according to the ASE weekly report.

The ASE benchmark price crashed the 6,000-point psychological barrier and closed week at 5,951 points, down from 6,159 points last week.