JEDDAH — After surging over three percent in the last two trading days, the Saudi stock market went into negative territory yesterday. The Tadawul All-Share Index (TASI) closed 23.36 points down at 10,066.16 yesterday.
The stock market turnover was over SR11.41 billion as shares in 41 companies increased, while 58 companies suffered drop in their shares.
In the banks & financial services sector, shares in Saudi Hollandi Bank, Banque Saudi Fransi, Samba Financial Group, Arab National Bank and SAAB dropped yesterday. The extraordinary general assembly of the SABB shareholders approved on Sunday the capital increase through bonus shares.
Al-Rajhi Bank shares surged 3.50 percent to SR96.
Saudi Basic Industries Corp. (SABIC) shares edged lower slightly to close at SR149.50 yesterday. On Monday, the Capital Market Authority (CMA) approved SABIC’s request to issue and offer sukuk with value that not exceeding SR5 billion.
The CMA also announced offering of investment funds of various companies. The CMA gave approval for Jadwa Investment Co. to offer “Jadwa GCC Equity Index Fund”, “Jadwa Saudi Equity Index Fund”, and “Jadwa Africa Equity Freestyle Fund”. It also allowed Rana Investment Co. to offer “Rana Liquidity Fund (Saudi Riyal)” and “Rana Emerging Markets Fund.” HSBC Saudi Arabia Limited Co. got a go-ahead to offer HSBC Construction & Cement Companies Fund.
Meanwhile, the Saudi Stock Exchange announced on Tuesday that Watan Investment and Securities Company has become a duly licensed, approved and authorized member firm of Tadawul, with the right to conduct brokerage services and deal as an agent in the stock market.
Alinma Bank announced yesterday that its general assembly would meet on May 17 to appoint its new board members and auditors. The participants will also vote on the bank’s basic law and the report by founders on expenditures.
The bank called upon its shareholders to attend the meeting, which will be held at King Faisal Conference Hall in Riyadh at 4.30 p.m. Alinma sold 70 percent of its shares to Saudi investors in an initial public offering last month.
The Pension’s Fund, the General Organization for Social Insurance (GOSI) and Public Investment Fund hold 10 percent stake each in the bank.
