JEDDAH, 10 February 2007 — The Saudi stock market continued to surge last week after the announcements of some more listed companies regarding their financial results and dividends. The Tadawul All-Share Index (TASI) gained 4.07 percent or 286.88 points for the week to 7,328.10. The index closed at 7,041.22 points in the previous week.

TASI is still 7.63 percent or 605.19 points lower than the year’s start.

The stock market turnover rose to SR55.49 billion last week compared to SR42.69 billion in the previous week.

Financial analyst Hazam Al-Otaibi said the stock index was set to go up gradually in the coming weeks as the market has gained a new strength. He hoped that the present market condition would encourage more investors to put their money in stocks.

In a related development, Adel Muhammad Saqa, a legal consultant, said he expected the new stock market fund to be launched by the state would balance the market at times of crisis and protect the interest of small-scale investors.

Shares of Saudi carpet maker Al-Abdullatif Industrial Investment Co., which made debut on last Saturday, gained 51.19 percent last week to close at SR63.50. Al-Abdullatif shares jumped 33.33 percent on the first day of trading. Its shares, however, fell 4.02 percent on Sunday. Over SR6.25 billion worth of Al-Abdullatif shares changed hands last week. Al-Baha Investment & Development Co. shares rose 40.22 percent to SR32.25, Arabian Pipes Co. by 22.65 percent to SR55.50 and Saudi Industrial Development Co. by 20 percent to SR19.50. However, shares of Hail Agriculture dropped 10.53 percent last week to SR34, followed by Aldrees Petroleum & Transport Services Co. by 4.21 percent to SR74, Ahmed H. Fitaihi Co. by 3.25 percent to SR29.75, SABB by 2.58 percent to SR104 and Saudia Dairy & Foodstuff Co. by 2.19 percent to SR33.50.

In the Banking sector, shares of Al-Rajhi Bank edged higher by 6.31 percent last week as it proposed offering investors a SR1 dividend for every share they hold and one free share for every share held by the investors. Samba Financial Group shares rose by 6.15 percent last week, Riyad Bank by 5.12 percent, Arab National Bank by 4.49 percent and Bank Albilad by 3.39 percent.

Saudi Basic Industries Corp. (SABIC) shares soared 8.33 percent last week to SR110.50. In the Telecom sector, shares of Etihad Etisalat rose 7.79 percent to SR41.50 while shares of Saudi Telecom Co. were up slightly at SR68.