RIYADH: Saudi Arabia's Capital Market Authority (CMA) said Tuesday it fined four firms a total of SR200,000 ($53,333) for contravening the rules. Gulf Union Cooperative Insurance Co. and Saudi IAIC Cooperative Insurance Co. were fined SAR50,000 each for not announcing their financial earnings on time, CMA said in a statement posted on the Saudi bourse website. Saudi Arabian Cooperative Insurance Co. was asked to pay SR50,000 for not informing the exchange about the change in its senior management on time, the statement said. Nama Chemicals Co. must pay the same amount for failing to provide all the required details when announcing its financial results. In recent months, the Kingdom's market regulator has asserted more control over the stock market in an attempt to eradicate manipulative and speculative trading and attract more stable institutional and foreign investors. The CMA issued its first prison sentence in August last year, sentencing the former chairman of Bishah Agricultural Development Co. to three months in jail. Listed companies in the Kingdom are worth about $319 billion, almost as much as the rest of the Gulf markets combined. Tadawul index rose 0.14 percent Tuesday, closing at 6,372.71 points.
