The flotation of Saudi Telecommunication Company (STC) shares, strong annual profits from some of Saudi Arabia's major companies and the willingness of investors to put their money into the Saudi Stock Market combined to produce a record trading performance in January, reported streaming quote technology company, Tadawul Streaming Quotes.
The Tadawul All-Share Index (TASI) increased by five percent to 2643.97 from a 2002 year-end close of 2518.08. Market capitalization reached 346.32 billion Saudi riyals ($92.35 billion), an increase of 23 percent on the previous month's SR280.73 billion ($74.86 billion).
Market capitalization has increased 52 percent in the last year (January 2002 to January 2003). The value of shares traded exceeded SR14.9 billion ($3.97 billion), against SR4.7 billion ($1.25 billion) in December, an increase of 219 percent. The volume of shares traded in January was 164.2 million (December 2002 – 57.7 million), a rise of 184 percent. Transactions also increased dramatically, from 44,141 in December to 115,671 in January, an increase of 162 percent.
There are about 80 firms listed on the Saudi Stock Market. The market is supervised by the Saudi Arabian Monetary Agency (Sama), which, in 1997, approved the participation of international investors in the market through mutual funds. Market capitalization between 1990 and 2002 increased by 189 percent and the all share index has increased by 157 percent. — (menareport.com)
© 2003 Mena Report (www.menareport.com )