RIYADH, 13 June 2003 — Saudi shares rose for the sixth week in a row to close the week yesterday up 4.5 percent despite a mid-week dive due to speculations on Saudi Electricity Co. (SEC), investors said.
The Tadawul All-Shares Index (TASI) finished the week at 3,532.67 points compared to 3,381.09 points last week. The index has increased every week since May 8.
The TASI is 40.3 percent higher than at the start of 2003. It has been rising steadily since the start of the war against Iraq on March 20, increasing 39.5 percent since then.
The bourse hit a new record high of 3,599.01 points at close on Monday, and then surpassed the 3,700-point mark at midday on Tuesday before nose-diving in the second session. The decline was caused by news that SEC, the third largest firm on the market, will not distribute additional stocks to shareholders.
Prices of 20 firms increased, 46 companies dropped, while one issue was unchanged. Two companies did not trade.
Trading value increased by 49.4 percent to SR24.3 billion ($6.5 billion) from SR16.3 billion ($4.35 billion) last week. More than 175.8 million shares changed hands.
Saudi Arabia is the largest capitalized stock market in the Arab world with more than $126 billion, but operates only on interbank system.
