GulfBase GCC Cap Indices
Large Cap3,991 -0.08
Med Cap3,831 -0.01
Small Cap4,863 -0.26
Micro Cap8,466 0.09

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GFH 0.49 1,642,170
QNBK 133.5 133,285
SABIC 98.2 249,279
AMLAK 1.07 4,593,610
AIRARABIA 1.13 3,611,365
DSI 0.37 10,758,890
BKMB 0.37 624,000

Market Review and Outlook

Source: NCB Capital

Saudi Macro and Equity Market
2009: A Busy Year for the Saudi Equity Market

2009 was a busy year for the Saudi equity market, lead managers and receiving local banks. Eleven new companies were floated in the primary market through initial public offerings (IPOs), with a combined offer size of 338.7 mn shares worth SAR3.882 bn, giving an overall average offer price of SAR11.46 per share. Of these, seven firms were insurance companies and the rest were from the Telecom and IT, Petrochemical, Retail, and Building and Construction sectors. With a combined total share capital of SAR7.79 bn, the 11 companies lifted 49.8% of their combined total from the primary market and the residual was subscribed by founders and institutional investors. The heavyweight Petrochemi asked for SAR2400 mn, followed by SSP SR400 million, Mouwasat SAR330 mn, and Atheeb Telecom SAR300 mn, while the eight others were all below SAR100 mn each. Of the eleven floated firms, stocks of nine firms started trading at Tadawul, while those of four are expected to start trading in 1Q10. Measured in terms of market capitalization, the market response was impressive as the share prices of the newly listed firms together rose 325% until 31 Dec 2009, compared with the 27.5% gain recorded for the entire market.

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