RIYADH, 8 April 2003 — Saudi shares surged to an all-time high at the close of the morning trading session yesterday after US forces announced the capture of three palaces in Baghdad, traders said.
The Tadawul All-Shares Index (TASI) closed at 2,943.86 points. The previous record high of 2,927.23 was recorded last May 20. The TASI is now up 16.9 percent on the 2002-end level and has gained 16.3 percent since the start of the US-British campaign against Iraq on March 20.
The surge in Saudi stocks, which mirrored gains at bourses around the world, came amid new hope here that the US-led war would not expand beyond Iraq.
The positive outlook in the Saudi bourse was assisted by high liquidity levels and less capital flight from the Kingdom and the expectation of positive first quarter corporate results due to be announced soon.
