Saudi stocks surge over 10pc in 4 days

JEDDAH: The Saudi stock market continued its upward trend in the first four trading days of this year. The Tadawul All-Share Index (TASI), which closed at 4,802.99 points on Dec. 31, 2008, surged over 10 percent in four days. The index yesterday closed 109.38 points or 2.11 percent higher at 5,289.73 points.

“It seems the market is regaining confidence after falling over 50 percent last year. As other global stock markets are also showing signs of upward movement, this market will continue to follow them,� said a stock market investor who wants to remain anonymous.

Over 80 companies were in positive territory yesterday, while 34 firms were in the red. The value of traded shares was over SR7.47 billion.

According to the Tadawul’s trading statistic report, Saudi nationals dominated market trades in December 2008. The percentage share of Saudi nationals from market trades was 93.5 percent for selling (SR71.45 billion) and 92.2 percent for buying (SR70.43 billion).

The percentage share of Saudi companies from market trades was 1.8 percent for selling (SR1.34 billion) and 3.4 percent for buying (SR2.59 billion). The percentage share of investment funds from market trades was one percent for selling (SR776.06 million) and 1.3 percent for buying (SR971.07 million).

The percentage share of GCC nationals from market trades was 1.6 percent for selling (SR1.24 billion) and 1.1 percent for buying (SR847.02 million). The percentage share of Arab residents in Saudi Arabia from market trades was 1.9 percent for selling (SR1.47 billion) and 1.9 percent for buying (SR1.45 billion). The percentage share of other foreigners in Saudi Arabia from market trades was 0.2 percent for selling (SR124.13 million) and 0.1 percent for buying (SR109.45 million).

BMG turnover falls

The BMG Saudi Index, which comprises the top 30 active companies in Saudi Arabia based on their market capitalization after removing government ownership, moved ahead by 2.6 percent in yesterday’s session, gaining 6.63 points to close at 264.15.

However, the total turnover depreciated slightly by 2.7 percent to SR5.2 billion compared to the SR5.4 billion reached in Monday’s session. The total number of shares traded also went up by 0.2 percent to 310.9 million shares versus 310.4 million shares in the previous session.

The best performer was the insurance sector, which appreciated by a strong 9.9 percent. The banking sector came in next, increasing by 3.7 percent. The industrial sector gained 2.6 percent.

The leading share, Saudi Basic Industries Corp. (SABIC), ascended by 1.7 percent to close at SR59.25, recording the highest turnover in the session of SR592.3 million.

The services sector followed, appreciating by 1.9 percent, while the telecom sector grew by 0.5 percent. The agricultural sector increased by 0.3 percent by virtue of its only listed share, Halwani Bros, which gained 0.2 percent to wrap up the session at SR22.90.

Khalil Hanware | Arab News