JEDDAH, 11 September 2007 — The Saudi stock market recovered slightly yesterday after falling 48.47 points on Sunday. The Tadawul All-Share Index (TASI) closed at 7,966.15 points, up 37.52 points.
The insurance sector suffered badly again yesterday after recording heavy losses on Sunday. Shares of the Saudi Indian Company for Cooperative Insurance fell by 4.01 percent to SR119.75, Alahli Takaful Company by 2.94 percent to SR198 and Malath Cooperative Insurance and Reinsurance Company by 1.97 percent to SR161.75. Shares of four insurance companies — the National Company for Cooperative Insurance, Walaa Insurance, Arabian Shield and Sanad Insurance & Reinsurance Cooperative Company — rose yesterday. In the banking sector, the only decliners were Al-Rajhi Bank and Bank AlJazira. Shares of agriculture companies also increased yesterday.
The stock market turnover was SR8.75 billion yesterday as compared to SR7.83 billion on Sunday.
Value of Trades in BMG Index Up
The BMG Saudi Index sustained its downward streak for the second consecutive trading day, with yesterday’s trading session closing at 417.98 points, with a marginal fall of 0.11 percent or 0.45 points relative to Sunday’s closing level. The total value of trades in the index’s stocks, however, had risen sharply, by 32 percent, to reach SR4.66 billion ($1.24 billion).
Unlike their performance on Sunday, all the sectors in the index did well in yesterday’s session. The best performer among all sectors was the services sector, seeing an advance of 2.4 percent, followed by both the agricultural and industrial sectors, which increased by 1.9 percent and 0.7 percent, respectively.
The stocks with the biggest market capitalization in the index closed on a mixed note. SABIC’s shares moved by 0.6 percent, while Al-Rajhi Bank’s shares fell by 1.2 percent, which dampened the general index movement due to Al-Rajhi Bank’s high market capitalization in the index.