JEDDAH, 8 August 2007 — The Saudi stock market surged yesterday. The Tadawul All-Share Index (TASI) gained 46.86 points to close at 7,750.7 as out of 98 companies, shares of 56 companies increased while shares of 24 companies declined.
The Saudi stock market turnover crossed SR9.37 billion yesterday.
In the banking sector, the only loser yesterday was Banque Saudi Fransi as its shares fell to SR67, while all other banks were in a positive territory. Bank AlJazira made hefty gains of 6.53 percent to SR53. Al-Rajhi Bank shares soared 2.88 percent to SR80.25 as the bank is planning further expansion abroad after Malaysia.
The telecom companies were in the red as shares in Saudi Telecom Co. (STC) fell to SR71 and Etihad Etisalat to SR66.75.
In the insurance sector, shares in the Mediterranean & Gulf Insurance & Reinsurance Co. declined by 1.76 percent to SR41.75, Saudi Fransi Cooperative Insurance Co. by 2.31 percent to SR169 and Sanad Insurance & Reinsurance Cooperative Co. by 1.81 percent to SR68.
The Saudi Stock Exchange (Tadawul) also announced the inclusion of the shares of Saudi Printing & Packaging Company (SPPC), a subsidiary of Saudi Research & Marketing Group (SRMG), in the index on the basis of the closing share price on Monday, according to a report posted on the website of Tadawul on Monday.
SPPC shares closed 1.06 percent higher at SR47.50 yesterday.
Due to good second quarter results of the listed companies, the Gulf Cooperation Council (GCC) stock markets witnessed strong buying activity in July as, barring UAE, all the regional market indices reported positive growth.
According to a report by the Kuwait-based Global Investment House (Global), which was released yesterday, Saudi Arabia, which has seen strong selling pressure lately, rebounded and recorded strong monthly growth of 8.10 percent. However, it still remains the only market in the region to report YTD decline (-5 percent) at the end of July.
Kuwait stock market continued to remain firm as it reported a growth of 2.7 percent and a strong YTD growth of 33.5 percent by the end of the month.
The Kuwait Stock Exchange has also announced on its website that from Sept. 1 it will shift its weekend to Friday and Saturday from Thursday and Friday.
The Global report said GCC bourses traded 22.3 billion shares in July as compared to 23.08 billion shares traded in June. Value of shares traded on the GCC bourses increased to $70.3 billion as compared to $60.1 billion in June.
The total value of shares traded in Saudi stock exchange increased by 33.58 percent over the previous month to reach SR170.76 billion. The market capitalization increased by 15.22 percent to reach SR1.28 trillion in July.
The Global report said that 299 GCC stocks registered monthly gains as compared to 184 decliners because there was strong buying interest in the Saudi market. Buying interest was also seen in the Bahraini market after it recorded 23 monthly advancers as compared to only 9 decliners in the month.
