Najran Cement’s Trading Day-One Adds New Life To Saudi Bourse

By Yomna Yasser On May 12, 2012

The Saudi Arabian Tadawul All-Share Index or TASI added 0.16% to close at 7,233.2 points Saturday, despite the 0.51%-decline of Saudi Basic Industries Corp (SABIC:AB).

Shares of Najran Cement Company (NAJRAN:AB) ended their first trading day with solid gains. Najaran’s Initial Public Offering (IPO) in April was oversubscribed by 306.11%. The IPO’s subscription period, in which 85 million shares were floated at SR10 each ($2.67), lasted from April 16 to April 28.

The firm attracted subscription proceeds worth SR2.6 billion ($690 million). Najran closed Saturday as the most liquid share at SR22.35 ($5.96).

Market breadth in Riyadh ended in the neutral zone as 66 stocks advanced and 66 stocks declined.

Since the start of May, the TASI has lost 4.3% as oil prices fell from $106 to $96 per barrel (U. S. crude) due to ongoing worries about an escalation of the Euro zone’s debt crisis.