JEDDAH, 27 March 2008 — The Saudi stock market fell yesterday after making its biggest one-day gain since March 4 on Tuesday. There was no major impact from a minor technical glitch in the Tadawul settlement system. The Tadawul All-Share Index (TASI) closed 88.59 points lower at 9,418.32.
The Tadawul announced that a temporary technical problem in the Tadawul settlement system caused it to be unable to properly receive orders and execute deals for eight minutes from 12:01 noon yesterday. The cause of the problem was identified and has been rectified, and trading resumed normally at 12:09 noon. There was no impact on any executed deals.
Banking stocks suffered badly yesterday. The only gainer in the sector was Al-Rajhi Bank. Its shares increased slightly to close at SR88 yesterday. Shares in Saudi Hollandi Bank dropped by 4.54 percent to SR52.50, Samba Financial Group by 3.65 percent to SR79, and Banque Saudi Fransi by 3.48 percent to SR83.
The telecom index was in positive territory, while all other indexes declined yesterday. The telecom index surged 1.01 percent to 2,939.39 as shares in Saudi Telecom Co. (STC) and Etihad Etisalat increased by 0.76 percent to SR66 and 2.10 percent to SR60.50 respectively.
Shares in the newly listed Zain KSA dropped by 2.46 percent to SR19.75 yesterday.
Saudi Electricity Co. (SEC) shares also declined by 3.57 percent to SR13.50.
Saudi Basic Industries Corp. (SABIC) shares fell slightly to SR176.50. Savola Group shares plunged by 5.63 percent to SR33.50 yesterday. The extraordinary general assembly of Savola Group shareholders approved on Tuesday the capital increase through bonus shares.
In the insurance sector, shares in Malath Cooperative Insurance and Reinsurance Co., Saudi IAIC Cooperative Insurance Co. and Arabian Shield Cooperative Insurance Co. increased, while all other companies were in the red yesterday.
The stock market turnover was over SR7 billion yesterday.