The Saudi stock market made solid gains yesterday as investors slowly regained confidence. The Tadawul All-Share Index (TASI) is heading toward 9,000 points as it closed 189.95 points, or 2.2 percent, higher at 8,811.40 yesterday. The banking index surged 4.08 percent as shares of major banks increased sharply yesterday. SABB shares gained by 5.55 percent to SR114, Bank Albilad by 4.86 percent to SR37.75, Banque Saudi Fransi by 4.34 percent to SR78 and Al-Rajhi Bank by 3.96 percent to SR98.25. Arab National Bank shares soared by 8.47 percent to SR96, Bank Aljazira by 6.40 percent to SR54 and Riyad Bank by 3.25 percent to SR63.50. The insurance sector suffered badly yesterday. Shares of AlAhli Takaful Company fell 3.83 percent to SR156.75, Saudi United Cooperative Insurance Company by 3.39 percent to SR64, Arabian Shield Cooperative Insurance Company by 2.96 percent to SR57.25 and Saudi Arabian Cooperative Insurance Company by 2.47 percent to SR78.75, according to a report of the Jeddah-based Arab News published today. Shares of only four insurance companies — Tawuniya (formerly the National Company for Cooperative Insurance), Malath Cooperative Insurance and Reinsurance Company, Saudi IAIC Cooperative Insurance Co. and Allied Cooperative Insurance Group — were in positive territory. Saudi Basic Industries Corp. (SABIC) shares edged higher by 1.51 percent to close at SR150.75 yesterday. The company announced yesterday that it had decided against taking part in a $1.5 billion Mauritania iron project where it had agreed earlier to invest $266 million for a 35 percent stake. Saudi Kayan Petrochemical Co. was the top gainer yesterday as its shares jumped 9.83 percent to close at SR16.75. Kingdom Holding Co. shares also surged 9.09 percent to SR12. Out of 105 companies traded yesterday, shares of 68 companies increased while 24 companies were in the red. The stock market turnover was over SR9.88 billion yesterday.
