JEDDAH, 9 October 2005 — The Saudi Stock market recovered slightly from last week’s massive fall as the Tadawul All Share Index (TASI) was at 14,560.54, up 17.52 points just before the closing yesterday. The major Banking and Industrial indices were lower at 32,664.66, 37,930.32, respectively.
Shares of Bank AlJazira, Banque Saudi Fransi, Saudi Hollandi Bank and Bank Albilad were slightly higher yesterday while shares of Riyad Bank, Saudi Investment Bank, the Saudi British Bank, Samba Financial Group and Al-Rajhi Banking & Investment Corp. were trading lower before the closing.
Investors in Saudi stock market are awaiting third quarter results of companies, especially petrochemical firms, to make decisions on selling and purchasing of shares. Financial analysts have predicted that prices of small companies would fall further after their results are out. They also expect tougher action from the Capital Market Authority to reorganize the market.
Meanwhile, according to an information received here, subscription in Nass Corporation’s initial public offering (IPO), the largest of its kind to take place in Bahrain in the last eight years, opened yesterday for investors from around the Gulf Cooperation Council (GCC). The receiving banks managing the subscription process have been reporting strong levels of interest in this IPO since the mini-prospectus was launched on Oct. 2.
“This IPO is generating such strong levels of interest from around the GCC due to the unique opportunities it offers all investors of all nationalities across the GCC. It is also considered a milestone for Bahrain since it represents the first family-owned business to go public,” said Sameer Abdulla Nass, managing director of Nass Corporation.
