Business | Markets
Channel Sponsor
Saudi stocks rise by 940 points to reverse its long downward trend
The Saudi stock market gradually returned to its rising trend last week ending Wednesday, recording a significant rise of 940 points.
- By Mariam Al Hakeem Correspondent
- Published: 01:13 February 24, 2008
Riyadh: The Saudi stock market gradually returned to its rising trend last week ending Wednesday, recording a significant rise of 940 points.
This increase was fuelled by a number of factors, mainly the low prices of blue chips, reflecting attractive P/E ratio and in the performance of Saudi companies, particularly in the petrochemical sector.
Saudi Kayan, the Saudi Basic Industries Corporation (Sabic) and Saudi Arabian Fertilisers Company (Safco) rose 14 per cent, 17 per cent and 19 per cent respectively.
Meanwhile, in market news, Saudi Zain Telecom Company ended the initial public offering (IPO) period, where the number of subscribers approached eight million, mounting to 17 billion Saudi riyals (269 per cent oversubscription).
In addition, Anaam resumed trading on Wednesday when the stock dipped limit down (-10 per cent) a day amid selling pressure by investors followed suspension period of more than 13 months because of the accumulated losses in the company financial results (90 per cent of the paid up capital before reducing it recently.
On the other hand, the Tadawul All Share Index closed at 10,127.10 on Wednesday, up 10.3 per cent from the previous week. The index is still down 9.4 per cent this year. Trading value reached 51.9 billion riyals, up from the previous week's 44.2 billion riyals.
In a related development, cement index is up by 1.88 per cent, banks by 1.1 per cent, insurance and services by 1.26 per cent and 0.91 per cent respectively. At the same time the indices of agriculture and telecom were down by 0.56 per cent and 0.14 per cent respectively.
Investors, on Wednesday pumped some 11.19 billion riyals in trading of 251.6 million shares. The market value of companies listed for trading reached 1.8 trillion riyals. Petro Rabigh dominated trading value at 11 per cent followed by Saudi Kayan at 10 per cent and Sabic at 7 per cent.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Credit swaps... a fair trade
Would you swap an unbuilt unit at the Lagoons for an apartment at JBR?
-
In pictures: New BMW Z4
The new model is much more user-friendly and driver focused
-
Lebanon realty robust
Overseas Lebanese fuel real estate surge
