JEDDAH, 22 April 2007 — After falling 3.89 percent last week, the Saudi stock market continued to drop yesterday. The Tadawul All-Share Index (TASI) declined 179.69 points or 2.4 percent to 7,307.16 during yesterday’s trading session, its lowest close in 10 weeks due to disappointing first-quarter results of most of the listed companies.

Out of 86 stocks traded, shares of 68 companies edged higher while 13 companies were in negative territory.

Over SR8.48 billion worth of shares changed hands yesterday.

Shares of telecom companies fell yesterday after the Communications and Information Technology Commission (CITC), the Kingdom’s telecom regulator, gave initial approval to three consortia led by Bahrain Telecom Co. (Batelco), Hong Kong’s PCCW and US Verizon Communications to operate fixed-line networks.

Saudi Telecom Co.’s (STC’s) shares dropped 2.88 percent to SR59 while shares of Etihad Etisalat (Mobily), Saudi Arabia’s second mobile phone operator, declined 2.37 percent to SR51.50 despite posting a nearly sevenfold jump in first-quarter profit.

In the banking sector, the only gainer yesterday was Bank AlJazira as its shares rose 3.81 percent to SR115.75.

Shares of Saudi Hollandi Bank fell 5.58 percent to SR46.50 as it reported yesterday a 31 percent decline in net profit for the quarter ended March 31, 2007.

Riyad Bank shares dropped 5.88 percent to SR48 and Banque Saudi Fransi shares fell 3.40 percent to SR64 yesterday.

In the industrial sector, shares of Saudi Industrial Development Co. jumped 9.33 percent to SR20.50 while shares of Saudi Basic Industries Corp. (SABIC) fell 2.67 percent to SR118.50.

Cement stocks were also in the red with only exception was Qassim Cement as its shares rose slightly to SR120.50.

In the agriculture sector, shares of five companies fell while three companies were in positive territory.

The banking index fell by 2.18 percent, industrial by 2.79 percent, services by 2.76 percent and insurance by 4.25 percent yesterday.

Meanwhile, Abdullah Al-Suwailemi, director general of Tadawul, announced yesterday that his organization that manages the Kingdom’s stock market, has updated information about companies listed on the bourse. The changed data would be available on Tadawul website’s main page.

“This is done as part of Tadawul’s efforts to develop the market by publishing information required by investors,” he added.