Business | Markets

Saudi stock index loses over 500 points in a week

At a time when investors are waiting for the fourth quarter earnings, the Saudi Tadawul All Share Index (TASI) has lost over 500 points in the past week's dealings.

  • By Mariam Al Hakeem, Correspondent
  • Published: 23:09 January 4, 2008
  • Gulf News

Riyadh: At a time when investors are waiting for the fourth quarter earnings, the Saudi Tadawul All Share Index (TASI) has lost over 500 points in the past week's dealings.

TASI registered 10892.64 points on Wednesday, down by 4.6 per cent from last week. As of Thursday, TASI is 2.5 per cent lower than the previous day. Trading value reached 59.1 billion Saudi riyals, up against last week's 43.0 billion Saudi riyals.

It is expected that the Saudi Basic Industries Corporation (Sabic) profits will exceed nine billion Saudi riyals for the fourth quarter, a 23 per cent increase over the third quarter results.

Dar Al Arkan Real Estate Development Company, which was listed on December 29, recorded an increase of 35 per cent on its first day of trading, after being up 45 per cent on the listing price at one point in the session. The company is considered as the largest public real estate company in terms of market capitalisation.

Dar Al Arkan dominated trading value at 21 per cent followed by Saudi Kayan at 10 per cent. Stock prices of 10 companies were up, while 98 companies were down, one unchanged and two did not trade.

The trading values of sectors are as follows: Industry - 39 per cent, services - 42 per cent, insurance - five per cent, agriculture - four per cent, banks - five per cent, electricity 1 - one per cent, communications- three per cent and cement - one per cent.

The top five winning companies last week are: Dar Alarkan Real Estate Development Company - 35.3 per cent, Saudi international Petrochemical Company - 5.1 per cent, Saudi Cables Company - 3.7 per cent, Yanbu National Petrochemical Company - 2.9 per cent and Saudi paper Manufacturing Company - 2.6 per cent.

The top five losing companies were National Agriculture Marketing Company - 19.5 per cent, Asharqiya Agricultural Development Company - 16.8 per cent, Jazan Development Company - 16.8 per cent, Al Baha Inv. & Dev. Company - 2.4 per cent and Saudi Fisheries Company - 16.2 per cent.

Observers said the Saudi stock market is still influenced by rumours that the market will fall further. This has played a role on the market.

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