(MENAFN - Arab News) JEDDAH, 6 August 2007 — The Saudi stock market made hefty gains in July and it looks like the bourse has slowly and steadily started its upward momentum after a major downturn. After dropping 52.53 percent in 2006, the Tadawul All-Share Index (TASI) is still down 3.82 percent so far this year.
According to the Saudi Stock Exchange (Tadawul) report for the month of July, which was released on Saturday on its website, TASI closed at 7,534.05 points at the end of July, up 564.33 points or 8.10 percent over the previous month. On a year to date (YTD) basis the index declined by 5.03 percent. Highest close level for the index in July was 7,633.54 as on July 25.
The market capitalization at the end of July reached SR1.28 trillion (341.85 billion), increasing by 15.22 percent over the previous month.
The total value of shares traded increased by 33.58 percent over the previous month to reach at SR170.76 billion (45.54 billion).
The total number of shares traded reached 3.95 billion for July compared to 3.01 billion shares for the previous month, increasing by 31.20 percent. The total number of transactions executed in July increased by 17.61 percent to 5.08 million compared to 4.32 million trades for the month of June.
The Tadawul report also said, in July, five companies have been listed on the bourse.
The Saudi Printing & Packaging Company (SPPC), a subsidiary of Saudi Research & Marketing Group, was listed with a paid-up capital of SR600 million divided into 60 million shares. The company offered 18 million shares at SR22 per share.
In the insurance sector, Saudi United Cooperative Insurance Co. (Walaa Insurance) was listed with a paid-up capital of SR200 million divided into 20 million shares. The company offered 8 million shares at a nominal value of SR10 per share, Sanad Insurance & Reinsurance Cooperative Co. (Sanad) was listed with a paid-up capital of SR200 million divided into 20 million shares. The company offered 8 million shares at a nominal value of SR10 per share and Saudi Fransi Cooperative Insurance Co. (Allianz SF) was listed with a paid-up capital of SR100 million divided into 10 million shares. The company offered 3.1 million shares at a nominal value of SR10 per share.
Shares in the Kingdom Holding Company (KHC), one of the world's largest and most diversified private investment groups, started trading on July 29. KHC was listed with a paid-up capital of SR63 billion divided into 6.3 billion shares. The company offered 315 million shares at SR10.25 per share.
The report said from July 17, Sahara Petrochemical Co. increased its paid-up capital by issuing one bonus share for every four shares held, raising its total number of issued shares to 187.5 million. Allianz SF shares jumped by 1,492.50 percent to SR159.25, Walaa Insurance by 532.50 percent to SR63.25, Sanad by 490 percent to SR59 and SPPC by 103.41 percent to SR44.75 in July.
The banking sector suffered badly last month as shares in Samba Financial Group dropped 7.87 percent to SR117, The Saudi Investment Bank by 4.40 percent to SR38, Bank AlJajira by 2.02 percent to SR48.50 and SABB by 1.87 percent to SR92.
Yesterday, TASI closed 48.74 points higher at 7,630.11. Out of 98 stocks traded, shares in 63 companies were in positive territory while 20 companies were in the red. The stock market turnover crossed SR8.47 billion yesterday.
The GulfBase GCC index surged 4.23 percent to 5,401.61 in July. The value of GCC traded shares increased 16.37 percent to 70.41 billion and volume declined 3.56 percent to 22.26 billion shares.