JEDDAH, 2 April 2006 — Saudi stocks plunged yesterday as the Capital Market Authority (CMA) implemented the increase in fluctuation band from 5 percent to 10 percent and stock-splitting of services, insurance and agriculture sectors.
The Tadawul All-Share Index (TASI) closed 428.28 points or 2.51 percent down at 16,632.06 points yesterday.
The major Banking, Industrial, Cement and Agriculture indexes dropped while Services, Telecom, Insurance and Agriculture indexes edged higher yesterday.
Out of 79 companies traded, 40 were higher, while shares of 39 companies declined yesterday.
The value of traded shares crossed SR15 billion yesterday compared to SR50.42 billion for the last week.
In the banking sector, shares of Bank AlJazira and Bank Albilad rose, while shares of all other banks fell. Saudi Hollandi Bank shares dived 9.75 percent to SR716, followed by Al-Rajhi Bank by 6.14 percent to SR2,385.
Shares of blue chip companies such as petrochemical giant Saudi Basic Industries Corp. (SABIC) fell 5.59 percent to SR1,555, Saudi Telecom Co. (STC) by 0.71 percent to SR1,079 and Saudi Electricity Co. (SEC) by 3.24 percent to SR134 yesterday.
STC was most active by values at SR1.58 billion, followed by SABIC SR1.35 billion.
Shares of the National Company for Cooperative Insurance (NCCI) jumped 9.95 percent to SR176.75 as Insurance index gained 222 points at 2,452.45.
