JEDDAH, 9 December 2007 — The stock index passed the 10,100-point mark as a new company, Middle East Specialized Cables Co. (MESC), began trading for the first time on Tadawul yesterday. The Tadawul All-Share Index (TASI) jumped 216.53 points or 2.19 percent to 10,108.55. The index is higher by 27.42 percent so far this year after dropping over 52 percent last year.
The SR46 MESC shares opened at SR93.25 and reached as high as SR99.75 before falling to low of SR83 during the trading. MESC shares, which are trading in the industrial sector, closed at SR90 on debut. Over SR1.76 billion worth of MESC shares changed hands on the first day of trading. MESC became the 107th company to be traded on Tadawul.
The banking sector dominated trading as its index surged 3.91 percent to 26,707.23 yesterday. Shares of all banks increased yesterday. SABB was the top gainer yesterday as its shares soared by 8.19 percent to SR142. Arab National Bank shares edged higher by 7.94 percent to SR108.75 and Banque Saudi Fransi by 6.26 percent to SR93.25. Jabal Omar Development Co. shares, which started trading recently, dropped 7.21 percent to SR22.50.
The insurance sector suffered badly yesterday. Shares of only Tawuniya and Al-Ahlia Insurance Company increased while all other companies were in the red.
Saudi Basic Industries Corp. (SABIC) shares surged 4.06 percent to SR179.25.
The agriculture companies were also suffered yesterday.The stock market turnover was over SR15.27 billion yesterday.
Al-Khaleej Training and Education Company will begin trading on Monday, the Capital Market Authority said.