JEDDAH, 20 November 2005 — The Saudi stock market began the new week with a slight fall yesterday. The Tadawul All-Share Index (TASI) closed at 16,056.11, down 38.64 points from Thursday’s closing as major Industrial, Banking and Telecom indices declined.
The Industrial index fell by 208.17 points at 40,056.51 and the Banking index dropped by 44.48 points at 39,650.11.
In the industrial sector, shares of major companies such as Saudi Basic Industries Corp., Saudi Arabia Fertilizers Co., Saudi Arabia Refineries Co., Savola Group, National Industrialization Co., Saudi Advanced Industries Co., Sahara Petrochemical, Saudia Dairy and Foodstuff Co. and Almarai fell while shares of Filling & Packing Materials Manufacturing Co., Arabian Industrial Development Co., Food Products Co., Saudi Industrial Development Co., Al-Ahsa for Development Co., Saudi Cable Co., Saudi Arabian Amiantit Co., Alujain Corporation and Saudi Industrial Services Co. rose yesterday.
In the banking sector, shares of the Saudi Investment Bank rose 1.77 percent at SR1,018, followed by Al-Rajhi Banking & Investment Corp. by 0.53 percent at 2,368 and Samba Financial Group by 0.07 percent at SR1,011, while shares of other banks edged lower yesterday.
The Telecom index was down slightly at 5,570.27 as shares of Saudi Telecom Co. and Etihad Etisalat fell to SR905.50 and SR709, respectively.
Saudi Electricity Co. shares gained 1.76 points at SR144.50.
The Agriculture index was higher yesterday as shares of Jouff Agriculture jumped 9.97 percent at SR375 and Tabuk Agriculture by 5.65 percent at SR336.75.
Out of 77 shares traded, 32 were higher while 44 were down as value of the shares traded reached SR24 billion yesterday.
Meanwhile, the National Commercial Bank (NCB) recently opened the two largest domestic stock trading lounges in the Najran region.
Hany Al-Shuwaier, the NCB head of brokerage division, said that this step is part of the bank’s continued efforts toward development with the aim of providing the best possible service for its clients and the clients of the Saudi capital market which is experiencing a noticeable growth since the second half of 2003.
Al-Shuwaier added that the size of stock trading at the NCB had recorded large increases at around 83 percent during the first half of 2005. He also stated that the NCB had launched, at the start of the second quarter, trading services via the Internet as a new addition to the bank’s already available channels which include trading through lounges, centers and the Al-Ahli telephone banking.
Stock trading via the Internet is witnessing wide acceptance as it allows clients to conduct sales and buys and manage orders from a distance and from any location.
Saeed Al-Khuraimi, the NCB southern regional manager, said six stock trading lounges are at the bank in the southern region, including two new units in Najran and the rest are in Abha, Khamis Mushayt, Jizan and Bisha.
