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MENAFN - Arab News - 01/03/2006

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JEDDAH, 1 March 2006 — The Saudi stock market rebounded after early plunge yesterday. The Tadawul All-Share Index (TASI) regained 762.45 points or 4.07 percent after falling 1,894 points in two days of trading. The index closed at 19,502.65 points but still 16.69 percent higher so far this year.

The major Banking and Industrial indexes surged over 2,000 points each to close at 47,181.18 and 46,288.44 points, respectively. The Electricity and Agricultural indexes dropped while all other indexes rose yesterday.

The value of traded shares also jumped to SR34.69 billion from Monday's SR5.29 billion. Out of 78 shares traded, 60 were up while 17 were in the red.

A Jeddah-based banker, who wished not to be named, said the recent 5-percent fluctuation limit imposed by the Saudi Capital Market Authority (CMA) was one of the factors causing the steep fall in the market on Sunday and Monday.

The CMA has approved a strategic program for modernizing and developing its technical system used in the Tadawul. Jemaz Al-Suheimy, chairman of CMA, said that Tadawul completed the first phase of the program, which includes the research, consulting, and evaluating of the current system as well as designing, importing and implementing a new system similar to the ones used in the largest international markets.

In the industrial sector, shares of Food Products Co., Saudi Cable Co. and Filling & Packing Materials Manufacturing Co. declined while shares of all other companies increased yesterday.

In the services sector, shares of major companies such as Al-Mawashi Al-Mukairish United Co., Saudi Land Transport Co., Al-Baha Investment & Development Co., National Agriculture Marketing Co. and Tourism Enterprise Co. edged lower yesterday.

The Electricity Index was down 224.49 points at 4,469.49 as shares of Saudi Electricity Co. plunged 4.78 percent to SR219 yesterday.

Shares of Saudi Telecom Co. and Etihad Etisalat jumped 4.94 percent to SR1,104 and 5 percent to SR693, respectively.

The Insurance Index closed 127.61 points higher at 2,727.05 as shares of the National Company for Cooperative Insurance rose 4.91 percent to SR983.

The Agriculture Index dived 331.84 points to close at 11,263.82. Shares of National Agriculture Development Co. increased 4.92 percent to SR725 while shares of all other companies in this sector declined yesterday.

Meanwhile, the newly listed Yanbu National Petrochemical Co. (YANSAB) has been awarded "The Banker's Deal of The Year 2005 Award" for the best public offering in Saudi Arabia. The award was presented at a special ceremony held recently in Dubai.

The award was organized by The Banker's Deal of The Year. This award was presented to YANSAB for their successful and outstanding performance. Samba Financial Group successfully managed this public offering.

YANSAB shares rose 4.98 percent to SR548 yesterday.


 






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