JEDDAH: The Saudi Capital Market Authority (CMA) has revoked the license of Naeem Investment Company for violating the Capital Market Law and its regulations and deliberately giving false and misleading information to the CMA during the period of granting the license.
Naeem Investment received a CMA license to conduct discretionary portfolio management in November 2006. The CMA also allowed the concerned department to take necessary actions against the company.
According to the information available on Tadawul website, the CMA authorized three companies to perform various activities. Adeem Financial Company was authorized to conduct managing and custody in the securities business, Ajeej Capital Ltd. was authorized to conduct advising in the securities business, and UBS Saudi Arabia was authorized to conduct securities business of dealing.
It also approved the amendment to the securities business license of Saudi Pioneers Securities Company yesterday allowing it to dealing as (principal, agent, and underwriter), managing, arranging, advising and custody.
Meanwhile, the Saudi stock market extended gains into a second day yesterday as the Tadawul All-Share Index (TASI) surged 34.09 points to close at 9,517.32.
The stock market turnover was over SR7.38 billion yesterday.
Banque Saudi Fransi shares jumped 5.62 percent to SR84.50 yesterday after the company announced its plans to raise its paid-up capital by 60 percent to SR9 billion through rights and bonus share issues.
Shares of Riyad Bank fell 1.36 percent to SR36 and SABB (The Saudi British Bank) by 1.28 percent to SR96.25. Shares of Bank Albilad and Alinma bank also declined yesterday. Etihad Etisalat (Mobily) shares dropped slightly to SR53 yesterday.
The Saudi stock exchange announced on Saturday that Mobile Telecommunications Company Saudi Arabia has been added into the TASI market index at the closing price of the shares on July 2.
BMG index gains
The BMG Saudi Index maintained its positive performance seen in Sunday’s session, and went up yesterday by 0.2 percent to 520.3 points. The market turnover, however, took a U-turn to go down by 21.2 percent to reach SR2.7 billion ($713 million) versus SR3.4 billion ($905 million) registered a session earlier.
Two sectors advanced, whereas four declined and one stood still. The telecommunications sector experienced no change in its number of points for the second day in a row, while the banking and industrial sectors saw theirs increasing by 0.6 percent and 0.4 percent, respectively. The worst performer was the insurance sector, declining by 4.7 percent, followed by the electricity sector, which went down by 2.0 percent. The agricultural and services sectors depreciated by 1.0 percent and 0.6 percent, respectively. Ten shares ended the session on a positive note, whereas 14 depreciated.
