JEDDAH, 12 April 2006 — The Saudi stock market continued to plunge yesterday. The Tadawul All-Share Index (TASI) dropped 968.30 points or 6.01 percent to close yesterday at 15,130.76. The index, which went below 15,000 mark during the day, lost 2,426.26 points in two days of trading.
The banking sector took the brunt as the index dived 2,651.81 points or 6.26 percent to 39,728.12. Shares of Banque Saudi Fransi and Samba Financial Group rose slightly yesterday, while shares of all other listed banks dropped sharply. Shares of Al-Rajhi Bank declined 9.40 percent to SR424, Riyad Bank, 9.89 percent to SR104.75, Bank AlJazira, 9.93 percent to SR313, Saudi Hollandi Bank, 9.90 percent SR116, Arab National Bank, 9.93 percent to SR122.50 and Bank Albilad, 8.17 percent to SR132.
The Industrial Index also fell massively yesterday. The index lost 1,611.94 points to close at 34,860.75 as shares of all companies in these sectors were in the red.
Saudi Basic Industries Corp. shares edged lower by 2.03 percent to SR1,401 while shares of all other companies suffered heavy losses yesterday.
Despite Saudi Arabia Fertilizers Co. (SAFCO) posting yesterday a first quarter net profit of SR275.4 million, up 16.5 percent compared to the same period in 2005, its shares fell 9.99 percent to SR918.75.
All other indexes also dropped yesterday. The Electricity Index declined 9.88 percent to 2,699.03 as shares of Saudi Electricity Co. (SEC) fell to SR132.25.
The cement sector was also in the red. Shares of all companies fell yesterday.
Yamamah Cement shares declined 9.98 percent to SR712.25 depsite it posted a first quarter net profit of SR158.7 million yesterday, up 54.4 percent from the same period in 2005.
In the telecom sector, shares of Saudi Telecom Co. (STC) and Etihad Etisalat plunged 5.05 percent to SR202 and 9.76 percent to SR111, respectively.