JEDDAH, 31 January 2006 — The Saudi stock market recovered yesterday after major fluctuations on Sunday. The Tadawul All-Share Index (TASI) jumped 235.63 points or 1.27 percent to 18,785.45.
The major Industrial and Banking Indexes closed 1,294.47 points higher to 45,291.36 and 205.06 points up to 44,904.76, respectively. Saudi Basic Industries Corp. shares rose 3.09 percent to SR1,735. Saudi Industrial Services Co. shares climbed 9.98 percent to SR496.
Savola Group shares jumped 5.13 percent to SR1,966 after it said it planned to offer shareholders two bonus shares for every three shares they hold. Savola also planned to increase its paid-up capital to SR3 billion.
In the industrial sector shares of Al-Ahsa Development Co. and Arabian Pipes Co. dropped while shares of all other companies edged higher yesterday.
Shares of major banks such as The Saudi Investment Bank, Saudi Hollandi Bank and Banque Saudi Fransi rose while shares of other banks declined. The cement sector was in a positive territory. Arab Cement shares soared 10 percent to SR1,149.50, followed by Saudi Cement by 4.71 percent to SR845 and Southern Cement by 4.24 percent to SR990.
In the services sector, shares of Al-Baha Investment & Development Co. edged higher 9.99 percent to SR509 and Taiba Investment & Real Estate Co. rose 7.78 percent to SR619.75 yesterday. Saudi Electricity Co. shares fell to SR143.50.
The Telecom Index was down 112.64 points at 7,119.22 as shares of Saudi Telecom Co. fell 2.10 percent to SR1,214. However, shares of Etihad Etisalat rose 1.21 percent to SR734.75 after it announced fourth quarter financial results for 2005 showing operating income of SR1.05 billion.
In the agriculture sector, shares of Bishah Agriculture dropped 3.25 percent to SR1,005.25, while shares of other companies edged higher yesterday.
Over SR39 billion worth of shares changed hands yesterday.
