2004 News Story

Saudi stock market reaches another record high

Saudi shares climbed 3.7 percent in the week ending October 28, 2004, setting yet another record high as strong results from blue chips kept rolling in and still-high oil prices buoyed the market. The all-share index of the largest Arab bourse ended at 7,210 points, up from 6,949.86 a week ago. The index, which first passed the 7,000 point mark last Saturday, is up 62.5 percent so far this year. Turnover rose to SR33.6 billion [U.S.$9.0 billion] from SR31.3 billion [$8.4 billion] a week earlier.

Bakheet Financial Advisors (BFA) reported that solid third quarter results from blue chips maintained upward pressure on share prices. Petrochemical giant Saudi Arabian Basic Industries Corporation (SABIC), Saudi Arabia's largest listed firm in terms of market capitalization, closed up 7.7 percent at SR773 [$206.4]. The firm, the second most active share with 13 percent of turnover, said last week its nine-month net profit had doubled to $2.55 billion. Gainers outnumbered decliners 64-8 during the week.

Al-Bank Al-Saudi Al-Fransi, which posted a 32 percent rise in nine-month net profit, also gained 7.7 percent to reach SR649.5 [$173.4]. Saudi Telecommunications Company, the most active stock with 16.9 percent of turnover, added 2.2 percent, to reach SR553 [$147.7].