JEDDAH: Surging banking stocks pushed the Saudi stock index above 5,300 points yesterday. Only Bank Albilad was in the red while all other banks were in positive territory. The Banks & Financial Services Index gained by 5.49 percent to 16,111.81 points.

The Tadawul All-Share Index (TASI) jumped 105.85 points or over two percent to close at 5,308.42 points. The value of traded shares reached SR5.74 billion yesterday.

Samba Financial Group shares jumped by 9.40 to SR55.25, The Saudi Investment Bank by 7.61 percent to SR21.20, Riyad Bank by 6.99 percent to SR26, SABB by 6.25 percent to SR59.50 and Al-Rajhi Bank by 5.34 percent to SR64.

Alinma Bank shares increased slightly to SR11.35 as the bank announced the interim financial results for the period ended March 31, 2009. Alinma Bank reported net income for the first quarter of SR109 million and total operating income of SR178 million. Earnings per share for the period from May 26, 2008 to March 31, 2009 amounted to SR0.33. Total operating income for the period from May 26, 2008 to March 31, 2009 amounted to SR517 million.

According to the information available on Tadawul website, Alinma Bank’s total assets amounted to SR16.19 billion, investments amounted to SR2.35 billion, short-term Murabaha amounted to SR12.89 billion, financing portfolio amounted to SR301 million, and deposits amounted to SR582 million.

Meanwhile, Al-Rajhi Company for Cooperative Insurance (ARCCI) has appointed BMG Financial Group as financial adviser for its initial public offering (IPO) which will begin on April 18. ARCCI, with a capital of SR200 million, will offer 30 percent of its shares to the public.

ARCCI has also appointed A-Rajhi Financial Services Company as flotation manager and underwriter for the offering.

Abdulaziz M. Al-Sudais, CEO of ARCCI, has confirmed that the company has finalized all the preparations for the upcoming IPO.

“BMG is proud to be given the trust of ARCCI; this IPO is a continuation of the company’s success story, having previously successfully advised on seven IPOs,” Basil Al-Ghalayini, CEO of BMG Financial Group, said.

According to information available on the website, the Capital Market Authority (CMA), the stock market regulator, has authorized five firms — Thara Financial Consulting Company, Alinma Investment Company, SEDCO Capital Company, Malaz Capital Company and Al-Arabi Capital Saudi Arabia Company — to conduct arranging and advising in the Securities Business.