Saudi shares rose to a new record in the week to Thursday, driven by gains in petrochemical and telecoms giants, before profit-taking by investors looking ahead to more initial public share offerings. The all-share index of the Arab world's biggest market touched 8,385 points on Tuesday but slipped back to close on Thursday at 8,158 points. Saudi Basic Industries Corp. (SABIC), the biggest firm in terms of capitalization, jumped to a record SR926.0 ($246.9) early in the week. It fell back to SR870 yesterday, dragging down the market index, which fell 1.3 percent on the day. The index is still up 86 percent so far this year, its second year of strong growth, fuelled by high oil prices and cash liquidity in the world's biggest crude oil exporter. Turnover fell to SR45.9 billion from SR60.7 billion the week before. Sixty-four shares rose and eight fell.
