JEDDAH, 13 December 2005 — The Saudi stock market rebounded yesterday after declining for the last two days. The market was in a positive territory throughout the day as traders were expecting the announcement of the Kingdom’s budget. The Tadawul All-Share Index (TASI) closed 131.07 points higher at 16,736.34.
The Banking index jumped 699.31 points to 41,771.95 yesterday. Bank Aljazira shares climbed 9.99 percent to close at SR1,547.50 on announcement that it plans to double its paid up capital to SR1.5 billion from SR750 million. The bank has also announced to issue one bonus share for every existing share. Bank Aljazira said in a statement on the Saudi bourse website that it will also give SR3 dividend for each existing share.
Riyad Bank shares also surged 4.29 percent to SR850 on its announcement that it will pay 11 percent out of their profit as dividends. Bank officials said they would raise the bank’s capital from SR5 billion to SR6.25 billion and issue bonus share for every four existing shares. The Industrial index rose slightly to 42,699.84. Saudi Basic Industries Corp. shares gained slightly to SR1,715 yesterday. Saudi Arabia Refineries Co. shares jumped 9.99 percent to close at SR2,600.
Over SR28.8 billion worth of shares changed hands yesterday.
