The Saudi stock market is booming, evidenced by the crossing of the 13,000 point mark in the Tadawul All Share Index (TASI), which touched 13,057 on Wednesday before closing at 12,989.26 points. Of the 75 stocks traded, 38 companies showed increases, with 32.1 million shares worth SR8.9 billion changing hands. TASI is currently 58.3 percent higher than it was at the beginning of 2005.

Factors in the boom are the gains by the Saudi Telecom Company (STC) after its agreement with Mobily, the country’s second operator of cell phone services; and the Saudi Basic Industries Corporation (SABIC) announcement of the establishment of a petrochemicals subsidiary, Yansab.

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