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MENAFN - Arab News - 03/04/2007

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(MENAFN - Arab News) JEDDAH, 3 April 2007 — After plunging 52.53 percent in 2006, the Saudi stock market continued to drop sharply in the first quarter of this year.

At the end of the first quarter, the Tadawul All-Share Index (TASI) plunged 55.06 percent to 7,666.11 points, compared to 1,7060.34 points for the same period last year, according to the Tadawul's first quarter report — 2007 released yesterday.

On an YTD basis TASI lost 510.26 points or 3.37 percent.

The highest close level for the index during the first quarter was 8,783.43 points on March 20, 2007.

The market capitalization at the end of the first quarter dropped 52.92 percent to SR1.19 trillion (318.38 billion).

The total value of shares traded for the first quarter reached SR854.5 billion (227.87 billion), a drop of 52.68 percent over the same period last year.

According to the Tadawul report, the total number of shares traded reached 18.79 billion shares for the first quarter of this year compared to 3.25 billion shares for the same period last year, increasing by 478.84 percent.

The total number of transactions executed during the first quarter increased by 4.21 percent to reach 21.44 million compared to 20.58 million trades for the same period last year. The new listings during the first quarter of 2007 were:

• On Jan. 20, 2007 Advanced Polypropylene Co. (APPC) was listed with a paid up capital of SR1,413.75 million divided into 141.375 million shares. The company offered 66.375 million shares at a nominal value of SR10 per share.

• On Feb. 3, Al Abdullatif Industries Investment Company was listed with a paid up capital of SR650 million divided into 65 million shares. The company offered 19.5 million shares at SR42 per share.

The new offerings during the first quarter were: Malath Cooperative Insurance & Reinsurance Co., the Mediterranean & Gulf Insurance & Reinsurance Co. (MEDGULF), Saudi United Cooperative Insurance Co. (Wala'a Insurance), Arabian Shield Cooperative Insurance Co., Saudi IAIC Cooperative Insurance Co. (SALAMA), SAAB Takaful Co. and Saudi Fransi Cooperative insurance Co.

During the first quarter Al-Babtain Power & Telecommunication Co., Fawaz Abdulaziz Alhokair Company, APPC and Al Abdullatif were added to Tadawul index.

In the first quarter also, the Capital Market Authority (CMA), the stock market regulator, suspended from trading Bishah Agriculture Development Company and Anaam International Holding Group Co.

In the corporate news front in the first quarter the National Company for Glass Industries increased its paid up capital by issuing one bonus share for every four shares held, raising its total number of issued shares to 25 million, Saudi Advanced Industries Co. increased its paid up capital by issuing 32.4 million shares (rights issue) at a price of SR20 per share (SR10 as nominal value and SR10 as a premium), raising its total number of issued shares to 43.2 million.

Also the Saudi Investment Bank (SAIB) increased its paid up capital by issuing one bonus share for every 1.6 shares held, raising its total number of issued shares to 391,016 thousand, Al-Rajhi Bank increased its paid up capital by issuing one bonus share for every one share held, raising its total number of issued shares to 1350 million.

During the same quarter Arab National Bank increased its paid up capital by issuing two bonus shares for every five shares held, raising its total number of issued shares to 455 million, Saudi Hollandi Bank increased its paid up capital by issuing one bonus share for every five shares held, raising its total number of issued shares to 264.6 million, Banque Saudi Fransi increased its paid up capital by issuing two bonus shares for every three shares held, raising its total number of issued shares to 562.5 million, Tabuk Cement Co. increased its paid up capital by issuing two bonus shares for every seven shares held, raising its total number of issued shares to 90 million, Almarai Co. increased its paid up capital by acquiring all partners' shares in the Western Bakeries Co. and International Bakeries Services Company against issuing of 9 million new shares to the share holders of these companies, raising its total number of issued shares to 109 million, and Saudi Arabia Refineries Co. increased its paid up capital by issuing one bonus share for every two shares held, raising its total number of issued shares to 6 million.

Saudi stocks, however, declined yesterday. The Tadawul index plunged 198.26 points or 2.54 percent to close at 7,613.97.

Out of 86 stocks traded, shares of 77 companies were in negative territory, while shares of only seven companies rose yesterday. Over SR14.53 billion worth of shares changed hands yesterday.


 






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