Misery continues for Saudi investors

Saudi Arabia's stock market was down 46.98% on its first half trading compared to the same period last year, according to statistics released by the exchange on Tuesday.

At the end of June 2007, the Tadawul All Share Index (TASI) closed at 6969.72 points, compared to 13145.26 points at the end of June 2006.

The Tadawul has dipped by 6.98% since the end of May, and is down 12.15% since the start of this year.

The total value of shares traded in the first six months of 2007 was down 52.58% on the same period last year, while the total number of shares exchanged was down 14.35%.

There were nine new listings on the Tadawul in the first half of this year, including Saudi Kayan Petrochemical Company, which undertook the Kingdom's second largest ever initial public offering.

So far this year, shares in telecoms and banking companies have performed worst, losing 26.63% and 20.46% in value respectively.

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