[2008-09-03]  Saudi stocks dip 1.85%
The Saudi stock market plunged yesterday as falling oil prices and high inflation figures clouded sentiment. The annual inflation rate jumped to 11.1 percent in the Kingdom in July and oil prices tumbled to $105.46 a barrel on global markets yesterday.

The Tadawul All-Share Index (TASI) fell 161.49 points or 1.85 percent to close at 8,590.37. The index is down 22.18 percent so far this year. The volume and value of traded shares dropped by 26.0 percent (71.4 million shares) and 60.7 percent (SR3.4 billion) respectively. Only eight shares were in positive territory while 105 companies were in the red yesterday.

Meanwhile, the Capital Market Authority (CMA) authorized two companies, A’ayan Capital to conduct dealing as underwriter, managing, arranging, advising, and custody in the securities business and Corporate Finance House Financial Consultancy to conduct arranging, and advising in the securities business.

The CMA also gave its approval for Arab National Investment Company to offer “Al-Mubarak Saudi Equity Fund” and for Altawfeek Financial Group to offer “Alasalah GCC Equity Fund” and “Albarq Telecommunications Fund.”
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