Saudi Arabia- CMA imposes fine on 2 listed firms 

(MENAFN - Arab News) Two companies - one in the insurance sector and the other in real estate - have been fined by the Capital Market Authority (CMA) for violating registration and listing regulations, according to a report published on the CMA website on Sunday.

The website said Allied Cooperative Insurance Group (ACIG) was fined SR50,000 for not informing the CMA about a change in its top management. Its shares, however, closed 2.64 percent higher at SR50.50.

Saudi Real Estate Co. was also asked to pay a fine of SR50,000 for the same reason. Its shares surged 1.65 percent to SR24.65.

The CMA on Sunday also approved the cancellation of the authorization for Al-Arabi Capital Saudi Arabia based on its request.

The Saudi stock market regulator has stepped up efforts to clamp down on irregularities by slapping hefty fines on companies and investors found guilty of violations.

The Tadawul All-Share Index (TASI) continued to surge on Sunday. It closed 0.54 points higher at 6,892.94 points despite five sectors closing negatively. The negative sectors closed with losses ranging from 0.01 percent in the Petrochemical Industries sector to a loss of 0.76 percent in the Transport sector. Positive sector movement on the other hand ranged from a gain of 0.14 percent in the Hotel & Tourism sector to a gain of 1.53 percent in the Cement sector. Overall market breadth was relatively neutral with a positive bias as 60 advancers beat out 58 decliners recording an AD ratio of 1.03, the Financial Transaction House (FTH) said in its daily market commentary.

Over SR4.63 billion worth of shares changed hands on Sunday.

By Khalil Hanware