Live Currency Rates
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Zain IPO attracts 5 million investors  Join our daily free Newsletter

MENAFN - Arab News - 17/02/2008

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) The initial public offering of Saudi Arabia's third GSM operator Zain oversubscribed by 151 percent yesterday with more than 5.05 million investors purchasing 952 million shares worth SR9.52 billion.

Banque Saudi Fransi, which manages the IPO, said 95 percent of subscribers used electronic means such as the Internet and ATMs to purchase shares, adding that individual subscribers had bought an average of 188 shares.

Also yesterday, the Capital Market Authority (CMA) announced the periods when company board members and senior executives are banned from dealing in stocks at the Kingdom's bourse.

For companies whose financial year ends on March 31, the ban begins from March 4 until the announcement of annual results. With regard to those companies whose preliminary financial year ends on March 31, the ban will commence on March 18 and end with the announcement of the company's financial results.

Companies whose financial year ends on April 30, the ban begins on April 5, and ends with the announcement of preliminary or final annual results. For companies that follow the Hijri calendar and their financial year ends on 29/04/1429 corresponding to May 5, the ban begins on April 8 and ends with the announcement of results. With regard to those companies that follow Hijri calendar and their financial year ends on 29/3/1429 corresponding to April 6, the ban begins on March 24 and ends with the announcement of preliminary financial results.

The stock market, however, reacted positively to the CMA announcement. The Tadawul All-Share Index (TASI) jumped 300.98 points or 3.28 percent to 9,486.05 yesterday.

The banking, industrial and agriculture sectors dominated trading yesterday. Al-Rajhi Bank shares increased by 5.59 percent to SR103.75, Banque Saudi Fransi by 4.93 percent to SR85 and Saudi Hollandi Bank by 4.21 percent to SR49.50.

In the industrial sector, shares of Saudi Basic Industries Corp. (SABIC) edged higher by 4.80 percent to SR163.75. Saudi Cable Co. (SCC) shares surged 9.67 percent to SR76.50. Shares of Saudi International Petrochemical Co. fell by 2.81 percent to SR34.50, Advanced Polypropylene Company by 1.81 percent to SR40.50 and Rabigh Refining and Petrochemical Co. (Petro Rabigh) by 1.06 percent to SR46.25.

Saudi Electricity Co. (SEC) shares advanced by 5.55 percent to SR14.25 yesterday.

In the telecom sector, shares of Saudi Telecom Co. (STC) and Etihad Etisalat increased by 0.70 percent and 1.50 percent, respectively.

The insurance sector showed mixed performance yesterday. Saudi IAIC Cooperative Insurance Co. shares gained by 9.84 percent to SR175.75 and Alahli Takaful Company by 9.58 percent to SR145.75.

Shares of Arabia Insurance Cooperative Company and the newly listed Trade Union Cooperative Insurance Co. and Al-Sagr Company for Cooperative Insurance declined yesterday.

The stock market turnover was SR7.88 billion yesterday.

BMG Index Crosses 500 Points

The BMG Saudi Index went beyond the 500-point level in yesterday's trading session, closing at 509.53 points, up by 3.7 percent from its Wednesday's closing level. The market turnover declined by 16.4 percent to SR3.3 billion (889 million).

The insurance sector declined by 2.4 percent while the agricultural sector appreciated by 6.3 percent; the electricity and banking sectors rose by 5.6 percent and 5.4 percent, respectively. The industrial, services, and telecommunications sectors moved forward by 3.7 percent, 1.4 percent, and 0.7 percent, respectively.

Only 6 shares saw their prices go down, while 3 shares maintained their previous close. The best performer was Qassim Agriculture Co., whose share price advanced by 7.0 percent to SR19, whereas the worst performer was Malath Cooperative Insurance and Reinsurance Company, with 4.5 percent drop in its share price to SR116.25.


  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad called on applicants ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Saudi- ASUS showcases product series at Aramco Week ,Arab News
(MENAFN - Arab News) Asus described as the world's renowned consumer notebook vendor and producer of the 'world's best-selling motherboards" recently participated in aramco week and showcased a ...

Apr 23 2014Saudi- Five to die for 2003 attacks ,Arab News
(MENAFN - Arab News) A special criminal court on sunday convicted five people of terror related charges and sentenced them to death. thirty-seven others were sentenced to varying prison terms for ...

Apr 23 2014Qatar's Ezdan Holding buys 20 percent stake in Widam Food ,MENAFN
(MENAFN) Qatar-based Ezdan Holding Group said that it acquired a 20.16 percent stake in Widam Food Co. in a bid to promote investments and diversify its portfolio, The Peninsula Qatar ...

Apr 23 2014Kowait: 5938 illegal residents said 'rectified' status ,Arab Times
(MENAFN - Arab Times) Kuwait city april 5 (kuna): up to 5 938 illegal residents have modified their status since formation of the central agency for remedying illegal residents' status in 2011 ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014Kowait- 'All must join hands to save youth from strife' ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (kuna): minister of information and minister of state for youth affairs sheikh salman al-sabah said tuesday the youth ministry has completed a study ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

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