RIYADH, 17 October 2003 — Saudi shares closed the week yesterday 3.4 percent down with the market’s largest blue chip companies topping the losers, Bakheet Financial Advisers (BFA) said.
The Tadawul All-Shares Index (TASI) finished the week at 4,186.29 points, down from last Thursday’s closing of 4,335.23 points, which marked a new high.
The TASI, which climbed above the psychological 4,000-point barrier in mid-August, remains up 66.2 percent on the year.
Saudi Telecom Co., Saudi Basic Industries Corp. and Saudi Electricity Co., which together account for about 54 percent of total market capitalization, lost two percent, four percent and nine percent respectively over the week.
Shares of Saudi Arabian Fertilizer Co. (SAFCO) fell 15 percent even after the company announced a 125 percent rise in profits during the first nine months of 2003 compared with the same period last year.
Bakheet said SAFCO’s stock may have been hurt by profit-taking given that it has risen by 31 percent over the last two weeks.
Trading value reached 14.1 billion riyals ($5.9 billion), down from last week’s SR15.2 billion ($6.3 billion).
The stock prices of 61 companies fell, five increased and three were unchanged.
