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Article: SAMA move sends Saudi shares skyrocketing.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- November 27, 2008
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Byline: Khalil Hanware
(Category: Business)
JEDDAH: The Saudi stock market rebounded yesterday in reaction to a decision on Sunday by the Saudi Arabian Monetary Agency (SAMA) to cut the repo rate by one percentage point to three percent and to reduce mandatory reserves that banks must hold from 10 percent to seven percent. The market fell 13 percent in the first two days of the week.
The Tadawul All-Share Index (TASI) gained 6.21 percent or 264.67 points to close at 4,529.19. The index is still down 58.97 percent so far this year.
Out of 125 stocks traded, only three companies - Ash-Sharqiyah Development Co., Tawuniya and Arab Shield ...