JEDDAH, 9 February 2006 — The Saudi stock market rose slightly yesterday. The Tadawul All-Share Index (TASI) was higher by 24.86 points at 19,522.08.
The Banking Index was down at 46,906.58 as shares of five banks rose while shares of five banks were down.
The five banks which got the approval of the Saudi Capital Market Authority (CMA) this month to raise their capital, are calling their shareholders to attend their banks’ general assembly meetings. The five banks are the Saudi British Bank (SABB), Banque Saudi Fransi, Riyad Bank, The Saudi Investment Bank (SAIB) and Al-Rajhi Banking and Investment Corp.
The major Industrial Index was also down as shares of major companies such as Saudi Basic Industries Corp., Savola Group, Saudi Cable Co., Sahara Petrochechemical, Saudia Dairy & Foodstuff Co. and Almarai fell yesterday.
For the second day in a row, the Cement Index showed an increase as the prices of all cement companies increased in yesterday’s trading except that of Arab Cement Co. The sector’s share prices were expected to increase in reaction to the Saudi Cabinet’s decision on extending the current level of tariffs to imported cement.
Meanwhile, Qassim Cement’s general assembly held a meeting yesterday to discuss the company’s board of directors’ proposal to pay out SR23 for each share as dividend for the fiscal year 2005.
In the service sector, the share of Makkah Construction and Development Co. was suspended in yesterday’s morning trading session pending to the company’s announcement on Jabal Omar’s capital increase. Makkah Company, which owns 22 percent stake in Jabal Omar Development Copmany, announced that Jabal Omar got the approval of the authorities to raise its paid-up capital from SR5.3 billion to SR6.7 billion. The board of Jabal Omar announced that the company will float 30 percent of its capital in an initial public offering (IPO) this year.
The Electricity Index edged higher by 61.23 points to 3,183.74 as shares of Saudi Electricity Co. surged 1.96 percent to SR156.
In the telecom sector, shares of Saudi Telecom Co. and Etihad Etisalat dropped to SR1,187 and SR794, respectively.
The Agriculture Index was higher yesterday as shares of Bishah Agriculture, Saudi Fisheries, Hail Agriculture made hefty gains. Shares of Eastern Agriculture and Jouff Agriculture fell. The index closed at 11,668.89 points.
