Foreign inflows into Saudi capital market reached nearly $ 36 billion, says CMA chairman



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RIYAD: The main stock index of the Saudi stock exchange, TASI, surged this morning amid a tsunami of initial public offerings that could continue until the end of the year.

TASI rose 0.57% to 11,267 points as of 11:20 am Riyadh time, partially recouping losses from the last trading session.

The Nomu parallel market rose 0.49% to 26,538 points.

The Saudi Capital Markets Authority yesterday approved lists of new IPOs that will add 70.3 million shares to the TASI and Nomu indices.

Capital Markets Authority (CMA) Chairman Mohammed El-Kuwaiz said in November, when he revealed that there were 54 more pending listing applications, of which 31 are direct listings.

Etihad Atheeb Telecommunication Co. led the winners increasing 8.25% to SR30.85 ($ 8.2). This decision follows the approval by the Capital Markets Authority of the company’s capital reduction request.

Tourism Enterprise Co., known as Shams, and Saudi Investment Bank, SAIB, followed, up nearly 3.23% and 4.9% to SR172 and SR20, respectively.

The rising share price takes SAIB stock to an all-time high against all closing prices in over two years.

The losses were minor as the major market drivers for the session soared early in the session.

Shams had shares worth SR 88million changing hands, while Etihad Atheeb Telecom was SR 103million.

Among the biggest Saudi players, Al Rajhi Bank and Saudi Basic Industries Corp., or SABIC, reached SR141 and SR115 respectively.

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