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Sunday, 08 November 2009 10:50 UAE time

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Saudi ends down, Weqaya soars on debut

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 20 June 2009

Heavyweight petrochemical and banking stocks led Saudi Arabia's stock market to a negative close for the second straight session.

The all-share index TASI closed 0.56 percent down at 5,957 points.

"The market right now is in a sideways movement ... Many investors are waiting for the financial statements to come out in July and they are not interested in trading in the market at this time," said Alhassan Goussous, head of private client portfolios at Rasmala Investment.

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Saudi Basic Industries Corp (SABIC) ended 0.35 percent down and Al Rajhi Bank and Samba Financial Group shed 1.46 percent each.

Shares in Weqaya Takaful Insurance and Reinsurance Co gained 288 percent on their trading debut compared to their IPO price. The stock topped volumes with 23.65 million shares changing hands, almost three times the number of shares sold in the initial public offering in April. (Reuters)

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