JEDDAH, 22 November 2007 — The Saudi stock index broke through the 9,500 barrier yesterday. The Tadawul All-Share Index (TASI) closed 99.46 points higher at 9,518.87 points. The Insurance index declined while all other indices were in positive territory yesterday. In the banking sector, shares of Bank AlJazira fell by 2.34 percent to SR62.50. Banque Saudi Fransi shares jumped 4.07 percent to SR83, Samba Financial Group by 2.42 percent to SR148 and Riyad Bank by 2.09 to SR73. Shares of Saudi Basic Industries Corp. (SABIC) edged higher by 0.75 percent to SR166 yesterday.
In the insurance sector, shares of Tawuniya, Malath Cooperative Insurance and Reinsurance Company and Saudi Arabian Cooperative Insurance Company increased while shares of eight companies declined yesterday. Shares of four companies remained unchanged.
National Agriculture Development Co. shares jumped 9.96 percent to SR69.
The stock market turnover, however, fell slightly to SR11.68 billion yesterday compared to SR11.95 billion on Tuesday.
BMG Index Turnover Tops SR5bn
The BMG Saudi Index ended its trading week yesterday with an increase of 0.9 percent or 4.4 points to 525.8. In addition, the market turnover grew to SR5.2 billion ($1.4 billion), increasing by 9 percent from Tuesday’s turnover of SR4.8 billion ($1.3 billion). All sectors were positive performers yesterday, with the Agricultural sector on top, advancing by almost 2 percent.
The Services sector came in second place moving ahead by 1.4 percent. The Industrial and Insurance sectors followed, with increases of 0.8 percent and 0.3 percent, respectively.
Only 5 out of 30 stocks constituting the BMG Saudi Index witnessed losses. Tabuk Agriculture Development Company’s share price was the best performing in the market yesterday, gaining 5.3 percent to SR69.50.