JEDDAH, 15 February 2006 — The performance of the Saudi stock market was unconvincing as the market index rose slightly by 0.26 percent yesterday. The Tadawul All-Share Index (TASI) closed 50.96 points higher at 19,698.61.
The index was expected to show continuous increase this week after it hit an all-time high of 19,772.13 points on Saturday.
The best performance occurred in the service sector followed by the agriculture. The worst performer yesterday were the banking, cement, telecommunication and insurance. The performance of the industrial sector was moderate as there was a balance between the number of losers and gainers.
The Banking Index was down 141.07 points at 47,940.18 as shares of Al-Rajhi Bank, Samba Financial Group, Banque Saudi Fransi, Riyad Bank, The Saudi Investment Bank and Bank Albilad fell yesterday.
Al-Rajhi Bank shares dropped to SR3,885 despite some reports that the bank has planned to open 50 branches in Malaysia.
However, shares of SABB, formerly known as The Saudi British Bank, rose by 2.89 percent to close at SR1,600.
The Industrial Index closed yesterday at 47,328.02, up by 148.65 points. Shares of major companies such as Saudi Basic Industries Corp., Saudi Arabia Refineries Co., Food Products Co., Saudi Industrial Development Co. and Filling & Packing Materials Manufacturing Co. edged higher.
The increase in the sector, however, did not include the shares of other companies such as Saudia Dairy & Foodstuff Co. Almarai Co., Sahara Petrochemical, Amiantit, Saudi Arabia Fertilizers Co. and Zamil Industrial Investment Co. as they declined yesterday.
In the cement sector, an odd increase occurred as shares of only Qassim Cement soared 9.65 percent to SR1,409, while shares of all other companies edged lower.
The Services Index was down at 7,550.34 despite big jump in share prices of big companies. Shares of Taibah Investment & Real Estate Co. declined despite its recent announcement of hike in capital.
The telecom sector remained in the red area as shares of Saudi Telecom Co. and Etihad Etisalat fell to SR1,160 and SR800, respectively.
Saudi Electricity Co. (SEC) shares rose 9.43 percent to SR174. Over SR3.43 billion worth of SEC shares changed hands yesterday.
The Agriculture Index was higher yesterday as shares of Eastern Agriculture and Bishah Agriculture made hefty gains.
