JEDDAH: Following the global stock market rout, the Saudi stock market also plunged yesterday. The Tadawul All-Share Index (TASI) plummeted 223.86 points or 2.35 percent to close at 9,293.45.

Out of 120 companies traded, shares of 103 firms were in the red while 12 were in positive

Territory. The stock market turnover was over SR7.89 billion yesterday. Except hotel and tourism, all other sectors declined yesterday. Agriculture and food industries, banks and financial services, petrochemical, transport and real estate development companies suffered badly. Saudi Hollandi Bank shares dropped by 5 percent, Bank Albilad by 4.90 percent, Riyad Bank by 4.16 percent and Al-Rajhi Bank by 2.52 percent yesterday.

Meanwhile, Samba Capital, the lead manager and lead underwriter for Saudi Arabian Mining Co.’s (Maaden’s) initial public offering (IPO), announced yesterday that the third day of subscriptions witnessed continued strong response from investors. Over two million investors have poured SR2.96 billion into the IPO which is about 51 percent of the offer at the end of the third day.

Samba Capital stated that subscription operations have proceeded smoothly throughout the Kingdom. There is a high level of awareness amongst subscribers of non-traditional electronic channels such as telephone and Internet banking, as well as ATMs.

The flexibility offered by electronic subscriptions has significantly contributed to the massive take-up of the Maaden IPO, Samba Capital said in a statement.

BMG turnover up

The BMG Saudi Index was unable to maintain the positive performance it witnessed in the previous two sessions, with the index falling by 2.6 percent in yesterday’s session to 506.64 points.

The market turnover, however, appreciated by 24.5 percent to reach SR3.3 billion ($888 million) versus SR2.7 billion ($713 million) registered in the previous trading session.

Only two shares ascended, whilst 25 shares ended the session on a negative note.

The shares of Saudi Fransi Cooperative Insurance Company and Malath Cooperative Insurance and Reinsurance Company were the only positive performers, rising by 2.5 percent and 1.5 percent to SR93.25 and SR98.50 per share, respectively.

The worst performance, on the other hand, was Savola Group, plunging by 6.1 percent to SR34.50 per share.