The Saudi Stock Exchange (Tadawul) started its first trading day in 2009 on Saturday in high spirits amid optimism that the new year will usher in good tidings. At the close of Saturday trading, the Tadawul All Share Index (TASI) registered a 4.59 percent increase to 5,023.22. All listed companies across the sectors managed to post gains, except for a few. Samba Financial Group in the banking sector dropped 1.46 percent, Saudi Fransi Cooperative Insurance Company and United Cooperative Assurance Co in the insurance sector fell 4.29 percent and 9.09 percent, respectively. Jarir Marketing Co in the retail sector shed 0.29 percent, while Saudi Paper Manufacturing Co. in the industrial investment sector spilled 1.68 percent. Analysts said after experiencing huge losses last year, bargain hunters were starting to emerge. Others believe also that the world's central banks and governments will continue their aggressive monetary and fiscal stimulus that would further improve the credit markets in 2009. Analysts and traders, though cautiously optimistic, said the new year cheers that sent the global stocks higher on Friday in the first trading day of 2009 in most parts of the world was contagious. At the end of 2008, TASI lost 6,235.67 points or 56.49 percent, closing at 4,802.99 points compared to 11,038.66 points in the previous year. The highest close recorded by TASI in 2008 was on Jan. 12 when it posted 11,697.01 points. The total market capitalization at the end of 2008 dropped 52.50 percent to SR924.53 billion ($246.54 billion) as compared to the previous year. The total value of traded shares reached SR1.963 trillion ($523.45 billion) compared to SR2.558 trillion ($682.06 billion) a year ago or a drop of 23.25 percent. The total number of shares traded in 2008 decreased by 3.32 percent to 59.68 billion compared to 61.73 billion shares a year ago. The total number of transactions also plunged by 20.60 percent to 52.14 million in 2008 compared to 65.67 million trades in 2007. __
