JEDDAH, 6 November 2007 — After surging first two days of trading this month, the Saudi stock market closed almost unchanged yesterday. The Tadawul All-Share Index (TASI) closed at 8,868.58 points.
In the banking sector, shares of Samba Financial Group jumped by 5.48 percent to SR139.50 and SABB by 4.76 percent to SR121. Shares of Saudi Hollandi Bank, Bank AlJazira and Arab national Bank declined yesterday.
Saudi Electricity Co. (SEC) shares plunged 5.66 percent to SR12.50.
In the telecom sector, shares of Saudi Telecom Co. (STC) edged lower by 1.06 percent to SR69.75 and Etihad Etisalat by 0.66 percent to SR74.50.
Saudi Arabian Cooperative Insurance Company (SAICO) shares soared by 9.84 percent to SR86.50, Allied Cooperative Insurance Group (ACIG) by 9.77 percent to SR95.50 and Saudi Indian Company for Cooperative Insurance by 4.02 percent to SR84. Shares of Tawuniya (The National Company for Cooperative Insurance) also surged 2.30 percent to SR133.
Faisal Al-Othman, financial analyst and member of the Saudi Economic Society, said the Saudi stock market has presently reached a turning point in its history with the general index hovering around 9,000 points. Othman said the banking sector occupied the lead role in the market in the recent past instead of the industrial sector while the telecommunication sector is also likely to play a significant role to push the index past the psychological barrier of 9,000 points soon.
He said the present market behavior reflected a surge in the confidence of the traders in the current trend, which confirmed that the market has fully recovered from the downward trend. It also added to the future confidence and optimism in the market.
Fahd Al-Salman, an observer of market, said the Saudi shares are on the rising trend though they exchange positions with regard to lead shares.
Out of 105 stocks, shares of 68 companies were in the red while 27 companies showed increase in their prices yesterday.
Over SR8.42 billion worth of shares changed hands yesterday.
