RIYADH, 1 August 2003 — Saudi shares continued their spectacular performance, rising 3.8 percent in the week ending yesterday on the back of major gains boasted by leading firms, traders said. The Tadawul All-Shares Index (TASI) finished the week at 3,907.60 points from last week’s closing of 3,763.34 points.
The TASI is 55.2 percent higher than at the start of 2003. The index rose past the 3,900-point psychological barrier and set a new all-time high of 3,908.63 points at closing on Tuesday. The increase has been attributed to encouraging mid-year results by listed firms, especially leading companies like Saudi Telecom, Saudi Basic Industries Corp. (SABIC), Saudi Electricity Co. (SEC) and banks.
SABIC announced a 224 percent surge in its net profits for the first six months of 2003 on the back of increased sales and a rise in prices. During the week, SABIC surged 13.1 percent and Saudi Electricity Co. (SEC) gained 5.1 percent, while market leader Saudi Telecom rose 3.6 percent.
