JEDDAH, 8 January 2006 — Saudi stocks soared to a new record high yesterday as the Tadawul All-Share Index (TASI) broke the 17,500 barrier and closed at 17,546.76, up 89.15 points from Thursday's closing.
The Saudi stock market will close for the Eid Al-Adha holiday after today's morning session and will reopen on Monday, Jan. 16.
Over SR24.57 billion worth of shares changed hands. Out of 77 stocks traded, 52 were up while 21 were down yesterday.
The Industrial Index was down while all other indexes edged higher.
The Banking Index was up by 124.10 points at 42,446.06 despite fall in share prices of Samba Financial Group and The Saudi Investment Bank.
Saudi Hollandi Bank and Bank AlJazira shares gained over two percent each yesterday at SR1,104.50 and SR1,686, respectively.
Shares of Saudi Basic Industries Corp (SABIC) fell yesterday to SR1,678 while Saudi Cable Co. shares jumped 5.71 percent to SR375.
The Industrial Index, however, dropped 91.46 points to 42,976.78.
In cement sector, shares of Southern Cement rose 3.39 percent to SR831.25, followed by Yamamah Cement by 2.79 percent to SR2,870. Shares of Saudi Cement, Qassim Cement, Yanbu Cement and Eastern cement edged lower yesterday.
The National Shipping Company of Saudi Arabia, Tihama Advertising and Public Relations Co. and Saudi Hotels and Resort Areas Co. shares jumped over four percent yesterday. Shares of major companies in the services sector such as Saudi Real Estate Co., Saudi Public Transport Co., Taiba Investment and Real Estate Co., and Makkah Construction and Development Co. dropped yesterday.
Saudi Electricity Co. shares rose slightly to SR150.50.
Saudi Telecom Co. (STC) and Etihad Etisalat shares rose 3.04 percent and 0.21 percent to SR1,017 and SR723.50, respectively.
The Insurance Index closed 196.28 points higher at 2,208.31 as the National Company for Cooperative Insurance (NCCI) shares made hefty gain of 9.76 percent to close yesterday at SR796.
In the agriculture sector, Bishah Agriculture shares soared 10 percent to SR1,364 and Eastern Agriculture by 7.93 percent to SR503.75 yesterday.