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

Saudi Arabia- Insurance stocks send TASI plunging  Join our daily free Newsletter

MENAFN - Arab News - 26/05/2009

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) The Saudi stock market closed lower for the second successive session yesterday as shares in insurance companies plunged and blue chips retreated amid region-wide profit-taking.

The Tadawul All-Share Index (TASI) closed below 6,000 points after plunging 2.28 percent or 138.07 points at 5,914.23, its second straight decline since hitting a 30-week closing high on Saturday.

Almost all market sectors contributed to this loss, except the Media sector, which managed to close with a gain of 1.23 percent. Otherwise, sector losses ranged from a strong drop of 7.33 percent in the Insurance sector to 0.14 percent in the Real Estate development sector. Market breadth was strongly negative, with only 12 advancers to 108 decliners, giving an AD ratio of 0.11, the Jeddah-based Financial Transaction House (FTH) said in its market commentary.

"The TASI's drop of 2.28 percent is 'normal' and past due after the series of strong gains that pushed most of the listed companies to strong resistance levels that were difficult to overcome due to a lack of supportive news. Technically, TASI has violated the short-term trend line support that started on May 16, but has succeeded to close above the 20 days simple moving average of 5,887. We think a drop of this magnitude could have more down side potential," Faisal Alsayrafi, managing director and CEO of FTH, said.

Saudi Basic Industries Corp. (SABIC) dropped 2.96 percent, while banks tumbled, with Banque Saudi Fransi losing 4.76 percent, Samba Financial Group 4.65 percent and Arab National Bank shedding 3.54 percent.

The stock market turnover was over SR8 billion yesterday.

The insurance companies suffered badly yesterday as shares in all companies fell sharply except Al-Sagr Cooperative Insurance Co. as its shares increased 2.20 percent to SR51. Saudi IAIC Cooperative Insurance Co. and Gulf Union Cooperative Insurance Co. shares declined by 10 percent each to SR63 and SR26.10 respectively, while Saudi Indian Company for Cooperative Insurance Co. and Trade Union Cooperative Insurance Co. shares fell by 9.96 percent each and SABB Takaful by 9.91 percent.

Meanwhile, the Capital Market Authority (CMA) announced its decision yesterday to revoke the license of ICG Financial Advisors Group for not fulfilling the conditions.

The CMA had authorized ICG Financial to conduct arranging and advising in the securities business on April 9, 2007, with conditions to be fulfilled prior to commencing the business. However, in spite of CMA approval on March 23, 2009 to extend the period to satisfy the conditions, ICG Financial has not fulfilled the conditions and thus did not commence the business within the granted period, the CMA said in a statement on Tadawul website.

The CMA also has approved Basic Chemical Industries Co.'s request to increase its capital from SR220 million to SR275 million through issuing one share for every four shares owned. The increase will be paid by transferring an amount of SR55,000,000 from the retained earnings to the company's capital. Consequently, increasing company's outstanding shares from 22 million shares to 27.5 million shares, by an increase of 5.5 million shares. The bonus shares eligibility is limited to the shareholders who are registered in the shareholders register at the close of trading on the extraordinary general assembly day, which will be determined later by the company's board, the CMA said.

Arab National Investment Company has received an approval from the CMA to offer Al-Mubarak Gulf Equity Fund, according to the information available on Tadawul website.

By Khalil Hanware


  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 al-issa.al-issa called on applicants ...

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 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 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...

Apr 23 2014Seven tied for the lead in chess championships ,Khaleej Times
(MENAFN - Khaleej Times) Former champion sukandar grabs lead of asian continental women?s chess. former asian women’s champion wgm irene sukandar of indonesia (left) beat wim ni shiqun ...

Apr 23 2014Two suspects held for robbing pedestrians in Sharjah ,Khaleej Times
(MENAFN - Khaleej Times) The sharjah police on tuesday arrested two stateless citizens for allegedly robbing many persons posing as criminal investigation department (cid) officers. the suspects ...

Apr 23 2014Thousands of Emirati job-seekers flock to career fair ,Khaleej Times
(MENAFN - Khaleej Times) 160 companies at fair organised for uae nationals a career fair brought together thousands of emirati job seekers and recruiters on its first day. shaikh maktoum bin ...

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 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 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 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014Gitex Shopper Spring 2014 to open doors today ,Khaleej Times
(MENAFN - Khaleej Times) Gitex shopper spring 2014 is set to open doors today with best bargains on latest tech products along with millions of dirhams worth of prizes during the four-day ...


Live Currency Rates



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