Saudi stock market trading volumes continue to soar
The Saudi Arabian Stock Market (Tadawul) continued its positive performance in the first half of 2003, with the Tadawul All-Share Index (TASI) closing at 3,612, a rise of nearly 1,000 points since the start of the year, and more than 30 percent higher than a year ago.
The first half of this year also saw record trading volumes, with more than 2,147 billion shares, worth 214.5 billion Saudi riyals ($57.2 billion) traded, against 800 million shares worth SR 77.375 billion ($20.63 billion) during the first half of 2002, an increase in value of 177 percent.
"Investors have been in a confident mood since TASI reached its then record high more than a year ago,” said Head of Marketing and Public Relations at Tadawul, Musaed Al-Nemer. “The strength of the Saudi economy, and the success of the STC IPO earlier this year, coupled with a flow of positive corporate news and a generally encouraging economic outlook, have encouraged investors to return to the market."
Market capitalization now stands at SR 477 billion ($127 billion) against SR 308 billion ($82 billion) a year ago, an increase of 55 percent. — (menareport.com)
© 2003 Mena Report (www.menareport.com)