5 Interactive Distance Learning Programs on Islamic Banking and Finance

Saturday, May 23, 2009

Saudi bourse weighed down by profit taking

The Tadawul All Share Index (Tasi) declined by three per cent last Saturday, dipping below 6,000 points.

The bourse was weighed down by an eight per cent decrease in the Saudi Basic Industries Corp (Sabic) share price on profit taking after the stock hit 67 riyals, recording a 61 per cent since April 21.

Following these losses, the market bounced back again above 6,000 points, fuelled by the increase in oil prices and the positive performance of the global equity markets.

Meanwhile, bank stocks also declined due to profit taking, especially those of Samba and BJAZ, by between six and seven per cent. In addition, speculation continued on the insurance sector's shares.

The trading values of sectors were as follows: Petrochemical Industries 22 per cent; Insurance 17 per cent; Banks and Financial Services 11 per cent; Industrial Investment eight per cent; Agriculture and Food Industries eight per cent; Building and Construction eight per cent, Telecommunications and Information Technology seven per cent; Real Estate Development six per cent; Multi-Investment four per cent, Retail four per cent; Transport two per cent, Hotels and Tourism two per cent; Media and Publishing one per cent; while Cement, Energy and Utilities remained unchanged.

The top five gainers were: Al Ahli Takaful Co 27.5 per cent; Tihama Advertising and Public Relations Co 25.4 per cent; SABB Takaful Co 25.1 per cent; Saudi Transport and Investment Co 21.6 per cent; and Saudi Industrial Export Co 19.3 per cent.

The top five losers were: Allied Cooperative Insurance Group -22.5 per cent; Samba Financial Group -6.7 per cent; Bank Al Jazira -6.2 per cent; Arabia Insurance Cooperative Co -5.4 per cent; Makkah Construction and Development Co -5.1 per cent. The Tasi registered 6052.63 points on Wednesday, closing up by 0.1 per cent from last week. As of yesterday, the Tasi is 26.0 per cent higher than at the start of the year. Trading value reached 43.3 billion riyals, down against last week's 48.8 billion riyals. Sabic dominated trading value at 13 per cent, followed by Alinma at eight per cent and Zain KSA at four per cent.



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