JEDDAH, 5 November 2007 — After rising 10.06 percent in October, the Saudi stock market continued to surge in first two days of trading this month. The Tadawul All-Share Index (TASI) closed 57.21 points higher at 8,868.61 yesterday.
The insurance sector performed well yesterday as shares of SABB Takaful increased by 5.06 percent to SR129.75, Saudi United Cooperative Insurance Co. by 4.68 percent to SR67 and Allied Cooperative Insurance Group by 3.26 percent to SR87. Only the shares of Mediterranean & Gulf Insurance & Reinsurance Co. and Saudi IAIC Cooperative Insurance Co. were in the red.
Shares of Saudi Basic Industries rose 1.49 percent to SR153 yesterday.
In the banking sector, shares of Bank AlJazira, Saudi Hollandi Bank, Arab National Bank and Bank Albilad declined while other banks stayed in positive territory yesterday. Al-Rajhi bank shares closed unchanged at SR98.25.
Alujain Corporation shares fell 4.37 percent to SR38.25 after it reported a net loss of SR20.39 million for the nine months ending Sept. 30, 2007, a 780.5 percent increase compared to net loss of SR2.32 million during the same period in 2006, the company said on Tadawul website. Loss per common share for the nine months was SR0.29 compared to a loss of SR0.033 during the same period in 2006. In the quarter ending Sept. 30, 2007 the consolidated net loss was SR13.95 million compared to net loss of SR1.23 million during the same period in 2006.
In the telecom sector, shares of Saudi Telecom Co. (STC) increased by 1.07 percent to SR70.50 while Etihad Etisalat’s shares fell 0.33 percent to SR75.
The stock market turnover was slightly over SR8 billion yesterday compared to SR9.88 billion on Saturday.
