JEDDAH, 29 November 2007 — The Saudi Stock market recovered yesterday after making its sharpest one-day fall in 11 weeks on Tuesday. The Tadawul All-Share Index (TASI) increased 96.53 points to close at 9,464.40. The index plunged over 2 percent on Tuesday.
The market was in a positive mood as shares of only nine companies were down while shares of 77 companies increased. The stock market turnover was at SR7.79 billion.
Shares of Zamil Industrial Investment Co. jumped by 10 percent to SR96.25, followed by Saudi Arabian Cooperative Insurance Co. by 9.94 percent to SR152, Malath Cooperative Insurance and Reinsurance Co. by 9.66 percent to SR 139, Saudi Industrial Development Co. by 9.61 percent to SR28.50 and Arriyadh Development by 6.81 percent to SR23.50.
The shares of Yamamah Cement dropped 1.43 percent to SR85.75 and Yanbu Cement by 1.15 percent to SR85.25.
The banking index increased 1.65 percent to 24,969.22 points as shares of all banks surged yesterday. Banque Saudi Fransi shares jumped 4.37 percent, Riyad Bank by 3.81 percent, Arab National Bank by 2.61 percent, Saudi Hollandi bank and Samba Financial Group by 1.85 percent each and The Saudi Investment Bank by 1.12 percent.
Saudi Electricity Co. (SEC) shares edged higher by 3.70 percent to close at SR14. In the telecom sector, shares of Etihad Etisalat rose 0.70 percent to SR71.75 while Saudi Telecom Co. (STC) shares remained unchanged yesterday.
The Makkah Construction and Development Co. shares closed unchanged yesterday at SR41.75 after plunging 5.64 percent to Tuesday. The company yesterday began the distribution of profits to the tune of SR198 million accounting for 12 percent of the company’s capital to its shareholders for the year ending May 10, Abdul Rahman Faqieh, the chairman of the board of directors of company, said in a statement.
The Capital Market Authority announced on Monday that Jabal Omar Development Co. will begin trading on Saturday after a June initial public offering (IPO) that raised over SR2 billion.
The CMA said no limits will be set for the stock’s price during its first day of trading.