JEDDAH, 5 September 2007 — The Saudi stock market was in the red yesterday. The Tadawul All-Share Index (TASI) tumbled 138.84 points or 1.73 percent to 7,878.70.
Out of 103 stocks, there were only three gainers and they were in the insurance sector. The Saudi Arabian Cooperative Insurance Company (SAICO) continued to surge yesterday after rising 997.50 percent on debut on Monday. Its shares soared 9.79 percent to SR120.50. The other two gainers were Saudi IAIC Cooperative Insurance Co. (Salama) and Alahli Takaful Company (ATC). Salama shares increased 1.91 percent to SR120 and ATC by 0.13 percent to SR190. The Insurance Index was down 4.14 percent at 2,383.25 because shares in The Mediterranean & Gulf Insurance and Reinsurance Co. dropped 9.35 percent to SR55.75.
In the banking sector, shares in Saudi Hollandi Bank plunged 5.33 percent to 53.25 after Standard & Poor’s Ratings Services said yesterday that it withdrew its “BBBpi” public information (“pi”; unsolicited) rating on Saudi Hollandi Bank (AA-/Stable/A-1+).
In the telecom sector, shares of the Saudi Telecom Co. (STC) and Etihad Etisalat dropped 1.82 percent to SR67.50 and 1.49 percent to SR66, respectively.
The stock market turnover was SR8.57 billion yesterday as compared to SR10.33 billion on Monday.
