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Saudi Traded Shares Devalue by 52.58%

The total value of Saudi shares traded for the first half of 2007 dropped 52.58 percent compared to the same period of the previous year to reach at SR1,488.34 billion ($396.89 billion).

According to the Saudi Stock Exchange's (Tadawul's) report released on its website yesterday, at the end of the first half (June 2007) the Tadawul All-Share Index (TASI) declined by 46.98 percent to close at 6,969.72 points compared to 1,3145.26 points for the same period of the previous year. The index was lower by 6.98 percent compared to May 2007.

On a YTD basis TASI lost 963.57 points (12.15 percent). The report said highest close level for the index during the first half of this year was 8,783.43 points on March 20.

The market capitalization at the end of the first half also fell 43.49 percent to SR1.113 trillion ($296.7 billion) compared to the same period of the previous year.

According to the Tadawul report, the total number of shares traded reached 33.65 billion shares for the first half compared to 39.29 billion shares for the same period of the previous year, decreasing by 14.35 percent.

The report said the total number of transactions executed during the first half of this year dropped 20.41 percent to 38.95 million compared to 48.94 million trades for the same period of the previous year.

In the first half of this year, Advanced Polypropylene Co. (APPC), Al-Abdullatif Industrial Investment Company, Malath Cooperative Insurance and Reinsurance Co., the Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf), Saudi Vitrified Clay Pipes Co. (SVCP), SABB Takaful Co., Saudi IAIC Cooperative Insurance Co. (Salama), Saudi Kayan Petrochemical Co. and Arabian Shield Cooperative Insurance Company Co. were listed on the Tadawul.

During the first half, Al-Babtain Power & Telecommunication Co., Fawaz Abdulaziz Al-Hokair Co., APPC, Al-Abdullatif, Malath and MedGulf were added to the Tadawul index.

The report said the Saudi Capital Market Authority (CMA) suspended stocks of Bishah Agriculture Development Company and Anaam International Holding Group Co. from trading.

Stocks of Al-Baha Investment & Development Co. were suspended from trading for a period of ten days on June 6 to allow shareholders to settle the remaining value of their shares amounted to SR2.5 per share. Trading in the stocks of Al-Baha, however, was resumed on June 23 in respect of those shares the installments of which have been paid.

The report said in the first half of this year Falcom Financial Services, EFG — Hermes KSA, Jadwa Investment, Rana Investment Company and Saudi Swiss Securities joined the Saudi Stock Exchange to provide financial brokerage services.

The second quarter was dominated by the newly listed insurance companies as SABB Takaful shares jumped by 1,220 percent, followed by Salama 680 percent, Arabian Shield 500 percent and Malath Insurance by 197.50 percent.

Meanwhile, TASI gained 41.38 points to 6,989.17 yesterday. Over SR4.21 billion worth of shares changed hands yesterday.(arabnews)

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