Dec 22 2005 |
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Saudi Stocks Rebound After Early Fall
JEDDAH, 22 December 2005 -- The Saudi stock market rebounded yesterday after falling earlier in the week. The Tadawul All-Share Index (TASI) surged 192.40 points to close at 16,640.96.The cement sector dominated trading as shares of all companies made solid gains. Arab Cement stocks jumped 9.99 percent to SR965.75, followed by Yanbu Cement by 6.90 percent to SR790, Southern Cement by 4.41 percent to SR782 and Qassim Cement by 4.39 percent to SR1,190. The Cement index increased by 445.97 points to 10,433.52.
The heavyweight Industrial and Banking indices were also higher yesterday.
The Banking index surged to 40,310.07 points.
Saudi Arabia Refineries Co. shares soared 10 percent to SR4,557.25.
However, shares of National Industrialization Co., Food Products Co., Arabian Industrial Development Co., Zamil Industrial Investment Co., Saudi Industrial Investment Co . and Almarai Co. edged lower yesterday. The Industrial index closed at 41,121.98 points.
In the services sectors, shares of Aseer Trading, Tourism & Manufacturing Co. climbed 10 percent to an all-time high of SR1,298 after Tuesday's announcement that it will be taking part in building the SR100 billion King Abdullah Economic City that will come up in Rabigh, north of Jeddah.
Shares of Makkah Construction & Development Co., Saudi Automotive Services Co., National Agricultural Marketing Co., and Jarir Marketing Co. fell yesterday.
Saudi Electricity Co. shares dropped 2.24 percent to close at SR141.75.
Etihad Etisalat shares skyrocketed 7.77 percent to SR742 and Saudi Telecom Co. by 0.75 percent to SR943.50. Value of the Etisalat shares traded crossed SR2.36 billion yesterday.
The Agriculture index climbed 270.57 points to 7,787.94 as shares of all companies rose except Saudi Fisheries. Its shares fell to SR403.
Over SR26 billion worth of shares changed hands yesterday.
Meanwhile, the Eastern Province Chamber of Commerce and Industry will hold a three-day course on "How to deal in Saudi stocks" beginning this Saturday. Yousuf Al-Qusanteeni, executive director of the stock experts center, will give lectures during the course, which is open for both businessmen and women. The course is aimed at educating participants on the right way of dealing in shares and training bank officials on how to register and follow up stock exchange deals.
The lectures will explain how to follow up stock market index, how to get rid of rumors and mental pressures while dealing in stocks, best methods of dealing in stocks, successful investment strategies and importance of financial analysis. They will also focus on stock websites, comparison of Saudi stock market with other markets, and the suitable time to buy and sell shares.
By Khalil Hanware
© Arab News 2005
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