Business | Markets

Value of trade on Saudi stock market declines to 8.8b riyals

The Saudi stock market posted a slowdown amid trading value decreases to a daily average of 8.8 billion Saudi riyals, 30 per cent lower than the previous week.

  • By Mariam Al Hakeem, Correspondent
  • Published: 00:30 February 15, 2008
  • Gulf News

Riyadh: The Saudi stock market posted a slowdown amid trading value decreases to a daily average of 8.8 billion Saudi riyals, 30 per cent lower than the previous week.

Stock prices of 19 companies were up, while prices of 81 companies were down, 13 were unchanged and two did not trade.

Tadawul closed at 9,185.07 on Wednesday, down 3.2 per cent from last week and 17.8 per cent lower from the starting of the year. It is important that the Tadawul All share Index is not correlated with foreign investment in global markets or international indices.

For instance, when Tadawul had the biggest correction crash in 2006, international markets in East Asia, Europe and the US were performing well.

On the other hand, blue chips had record low prices resulting in attractive ratios. Financial reports issued recently gave a positive outlook to these companies in addition to strong credit rating.

The Saudi Basic Industries Corporation (Sabic) led the market to recover part of its previous losses by the end of the week, after an earlier negative reaction.

In terms of trading value, industry stocks accounted for 54 per cent, insurance 30 per cent, services 17 per cent, banks four per cent, agriculture two per cent, communications one per cent, electricity one per cent and cement one per cent.

Al Sagr Company for Cooperative Insurance and Trade Union Cooperative Insurance Company led the gainers.

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