Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Market Cap Soars to SR1.40 Trillion   Join our daily free Newsletter

MENAFN - Arab News - 03/09/2007

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) JEDDAH, 3 September 2007 — The Saudi stock market showed solid performance in the month of August.

At the end of August the Tadawul All-Share Index (TASI) closed at 8,226.97 points. The index gained 692.92 points at a growth rate of 9.20 percent over the previous month's close. On an YTD basis TASI registered a positive return of 3.70 percent. According to the Monthly Statistical Report of Tadawul for August, which was released yesterday, total equity market capitalization increased 9.04 percent from July to SR1.40 trillion (372.75 billion).

The total value of shares traded in August reached SR196.69 billion (52.45 billion), increasing by 15.19 percent over the previous month. The total number of shares traded rose 0.26 percent to 3.96 billion in August as compared to 3.95 billion shares in July.

The report said the total number of transactions executed during August, however, dropped 2.60 percent to 4.95 million as compared to 5.08 million trades in July.

There were listings in the insurance sector last month. AlAhli Takaful Co. was listed with a paid-up capital of SR100 million divided into 10 million shares. The company offered 2.645 million shares at SR10 per share. Its shares gained 2,360 percent last month.

Another company, the Saudi Indian Company for Cooperative Insurance, was listed with a paid-up capital of SR100 million divided into 10 million shares. The company offered 4 million shares at a nominal value of SR10 per share. Its shares edged higher by 1,502.50 percent last month.

The third Allied Cooperative Insurance Group (ACIG) was listed with a paid-up capital of SR100 million divided into 10 million shares. The company offered 4 million shares at a nominal value of SR10 per share. Its shares jumped 1,225 percent last month.

The Tadawul report also said Saudi Printing & Packaging Co. was included in Tadawul All-Share Index as the stock close price on Aug. 6.

The insurance sector was hit badly yesterday. The TASI continued to decline after falling 153.65 points on Saturday. The index closed below 8,000 points at 7,987.69, down 85.63 points from Saturday's closing.

The Insurance Index plunged 5.24 percent to 2,410.22 yesterday. The only gainer in the sector yesterday was Malath Cooperative Insurance and Reinsurance Company. Its shares edged higher by 2.46 percent to SR145.50 while shares of all other companies declined sharply.

Shares of the Mediterranean & Gulf Insurance & Reinsurance Co. fell 10 percent, Arabian Shield Cooperative Insurance Co. by 9.90 percent, Saudi IAIC Cooperative Insurance Co. (Salama) and SABB Takaful by 9.98 percent each and Allied Cooperative Insurance Group by 9.95 percent.

Abdulwahab Abu-Dahesh, an economic expert, said the fall in the trading sessions of stocks was because of "reaping fast profits in some sectors." He believed that a corrective wave would come in the current month with the announcement of quarterly results by the listed companies. He said that the present falling trend would continue over three more days while the rising trend over the past two months required a correction. However, he believed that the market will remain sturdy with only a few points lost in the coming few days. He also said psychological factors played a large role in the last days' fall after the remarkable rise in the price of insurance sector which quickened the pace of efforts to reap quick profits.

In the banking sector, shares in Saudi Hollandi Bank fell by 7.03 percent to SR59.50, Al-Rajhi Bank by 1.71 percent to SR86.25 and Samba Financial Group by 1.38 percent to SR124.75.

The cement and agriculture sectors were also in the red yesterday.

Shares in United International Transportation Company Ltd., which started trading on Saturday, dropped 9.97 percent to SR151.25 yesterday after soaring 223.08 percent on debut.

Out of 102 companies, shares of 22 companies gained while shares of 74 companies declined. Over SR9.23 billion worth of shares changed hands yesterday.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help