Business | Markets

Saudi stock market regulator fines two traders

Saudi Arabia's bourse watchdog has fined two traders from the kingdom's largest brokerage and two investors a total 410,000 riyals ($109,333) for violating trading regulations, it said.

  • Reuters
  • Published: 00:35 July 1, 2007
  • Gulf News

Riyadh: Saudi Arabia's bourse watchdog has fined two traders from the kingdom's largest brokerage and two investors a total 410,000 riyals ($109,333) for violating trading regulations, it said.

The Capital Market Authority (CMA) also ordered two investors - Osama bin Mohammad Al Noaim and Badr Bin Abdul-Aziz Al-Noaim - to pay back 11.8 million riyals they made from trading in Al Ahsa Development Co and Fitaihi & Co shares over the May 15-20 period.

CMA said in a statement that it fined each of them 150,000 riyals and banned them from trading in firms listed on the Saudi bourse for violating regulations, citing an article that bans practices ranging from market manipulation to fraud.

CMA also annulled the share trading licence of Al Jazira Bank's stockbroker Tareq Bin Saleh Al Mamdouh and fined him 100,000 riyals.

The second trader also from Al Jazira, Fahd Bin Daraan Al Hamed, was suspended from trading for two years and fined 10,000 riyals.

CMA spokesman Abdulaziz Al Zoom could not be reached for comments to clarify the nature of charges against Al Hamed.

Major share

Al Jazira controls about a quarter of the market for brokerage fees which account for more than half its income. Its CEO Mishari Al Mishari could not be reached for comment.

Fitaihi's shares rose less than two per cent over the May 15-20 period but more than 352.3 million of its shares were traded, representing nine times the total number of its issued shares.

During the same period, Ahsa's shares rose less than one percent but more than 347.3 million shares were traded, or more than eight times the total number of its issued shares.

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