JEDDAH, 14 November 2005 — After reaching record highs, the Saudi stock market drifted lower yesterday as the Tadawul All Share Index closed 151.18 points down at 16,043.37.
The banking sector, which dominated the trading in previous sessions, seemed to have undergone a correction yesterday as shares of all banks fell except Arab National Bank. It gained 2.40 percent at SR1,068.
The Saudi stock market, which made rapid strides within a short span, is the focus of a major conference in Riyadh. The annual meeting of Saudi Economic Society, which was opened by Riyadh Governor Prince Salman yesterday, will discuss the present situation of the Kingdom’s capital market. “Experts will give lectures and present papers on the role of capital market in the national economy,” said Dr. Muhammad Al-Qunaibet, chairman of the organization. He said Jemaz Al-Suhaimy, head of the Capital Market Authority (CMA), would present a paper on “The CMA: Achievements and Expectations.”
The Banking index dropped 756.77 points at 40,074.43.
Shares of Al-Rajhi Banking & Investment Corp. dropped over 3 percent to close at SR2,403, followed by the Saudi Investment Bank by 2.58 percent at SR1,001, Samba Financial Group by 2.31 percent at SR1,014.50, the Saudi British Bank by 2.22 percent at SR1,663.75, Banque Saudi Fransi by over two percent at SR1,450 and Riyad Bank by 1.39 percent at SR850.
Only Electricity, Insurance and Agricultural indices edged higher yesterday while other indices declined. Saudi Electricity Co. and the National Company for Cooperative Insurance shares rose slightly at SR138.25 and SR709.75, respectively. The Agriculture index edged higher yesterday as shares of Qassim Agriculture, Hail Agriculture, Saudi Fisheries and Eastern Agriculture posted hefty gains.
The Industrial sector index closed at 40,022.22, down 199.50 points as shares of major companies such as Saudi Basic Industries Corp., Saudi Arabia Fertilizers Co., Saudi Arabia Refineries Co., Savola Group, Alujain, Zamil Industrial and Sahara Petrochemical fell yesterday.
The Telecom index also dropped 39.04 points at 5,613.38 as shares of Saudi Telecom Co. and Etihad Etisalat closed lower at SR911.50 and SR716.50, respectively.
Top gainers for the day were Arabian Pipes Co., Qassim Agriculture, Saudi Cable Co. and National Gypsum Co.
Tihama Advertising & Public Relations Co. shares declined by 2.98 percent at SR341.50.
Out of 77 stocks traded, 35 were higher while 41 were down. The value of the traded shares crossed SR20 billion yesterday.
