2005 News Story

Bank Al-Bilad shares soar on first day of trading

Shares in the recently-formed Bank Al-Bilad soared to SR850.25 [U.S.$227] on the first day of trading yesterday, 17 times their original subscription value of SR50. More than half of the Kingdom's 16.5 million citizens applied for shares in the Islamic bank's initial public offering (IPO) last month, receiving on average less than four shares each. After a day that saw over 100,000 transactions in which some 1.9 million shares changed hands, they closed at SR765 [$204.27].

The Tadawul All-Share Index (TASI) closed yesterday at 11,246.55, down 297.35 points or 2.58 percent from Thursday's close of 11,543.90 points.