JEDDAH, 27 September 2007 — The Saudi stock market (Tadawul) will implement a new exchange system on Oct. 20, the Capital Market Authority (CMA) announced here yesterday. “We have carried out necessary tests to make sure it is working properly,” said Dr. Abdul Rahman Al-Tuwaijeri, CMA’s chairman.
He said the new system is designed to accommodate about two million deals daily, with prospects of increasing the capacity to meet future requirements. Tadawul had signed an agreement with a specialized company last year to design and execute the new exchange system.
The stock market continued to rise yesterday. The Tadawul All-Share Index (TASI) gained 19.71 points to 7,929.71. The rising stocks sent banking index higher by1.45 percent to 20,974.14 points. Shares of only three banks fell while all others were in positive territory. Arab National Bank shares jumped by 3.66 percent to SR85, Banque Saudi Fransi by 3.18 percent to SR73 and SAMBA Financial Group by 2.06 percent to SR123.75. Bank Albilad shares fell by 1.53 percent, Saudi Hollandi Bank by 0.51 percent and Bank AlJazira by 0.45 percent.
The top gainer yesterday was SABB Takaful, up 8.12 percent to SR189.75. Shares of Allied Cooperative Insurance Group soared by 4.72 percent to SR116.50 and Saudi Kayan Petrochemical Co. by 4.08 percent to SR12.75.
Saudi IAIC Cooperative Insurance Co. shares dropped by 5.45 percent to SR130, Eastern Agriculture by 4.29 percent to SR78 and Malath Cooperative Insurance and Reinsurance Co. by 3.68 percent to SR130.75.
Saudi Basic Industries Corp. (SABIC) shares also fell slightly to SR127.25.
The stock market turnover was SR5.45 billion yesterday.