JEDDAH, 15 November 2005 — Saudi bourse holds 16th position among the world’s 50 largest stock markets, Jemaz Al-Suhaimy, governor of the Capital Market Authority, announced yesterday.
“The market grew by an average of 38 percent annually and 95 percent this year,” he told delegates attending the annual conference of the Saudi Economic Society (SES) in Riyadh.
Prince Abdul Aziz ibn Salman, assistant minister of petroleum and mineral resources and honorary chairman of SES, presided over the first session of the conference titled “Saudi Stock Market: Present Situation and Future Expectations.”
The CMA chief emphasized CMA’s efforts to make the Saudi financial market more transparent and organized, adding that it would issue four new important regulations shortly.
“We are committed to achieving the highest standards and creating a sound and safe investment atmosphere,” the Saudi Press Agency quoted him as telling the conference, which opened on Sunday.
Al-Suhaimy noted the leading position held by the Saudi stock market in the region in terms of market value of listed companies. “It represents more than 50 percent of the total value of stocks in Arab capital markets,” he said.
Meanwhile, Saudi stocks rose slightly yesterday. The Tadawul All Share Index (TASI) gained 20.49 points to close at 16,063.86.
Analysts say the index is likely to stay above the 16,000-mark for sometime on optimism that Saudi Arabia is all set to join the World Trade Organization (WTO) in December.
The Banking index dropped 402.44 points at 39,671.99 as shares of all banks drifted lower yesterday.
Al-Rajhi Banking & Investment Corp. shares fell by 1.57 percent at SR2,365, followed by Bank Albilad by 1.42 percent at SR904, Saudi Hollandi Bank by 1.18 percent at SR1,008 and Banque Saudi Fransi by just over one percent at SR1,434.75.
The Insurance index was also down as shares of the National Company for Cooperative Insurance (NCCI), the only company in the index, were trading slightly lower at SR708.
The Industrial index edged higher by 293.83 points at 40,316.05 despite fall in shares of major companies such as Saudi Arabia Fertilizer Co., Saudi Arabia Refineries Co., Saudi Ceramic Co., Savola Group, National Industrialization Co., Al-Ahsa Development Co. and Arabian Industrial Development Co.
However, shares of petrochemical giant Saudi Basic Industries Corp. (SABIC) rose 1.08 percent yesterday to close at SR1,595.
The Agriculture index gained 113.61 points at 5,701.38 as shares of all companies rose except Bishah Agriculture which registered slight fall at SR433.
Top gainers for the day were Saudi Real Estate Co. (7.52 percent at SR686.50) and Tihama Advertising & Public Relations Co. (7.39 percent at SR366.75).
However, shares of National Agriculture Marketing Co. fell by 3.53 percent at SR328 and Al-Ahsa by 3.19 percent at SR425.
The value of traded shares crossed SR25.6 billion yesterday as out 77 stocks 47 were higher while 27 were down.
