"In continuation of Global Investment House coverage of the listed companies in Saudi Arabia, we have come out with a report on Saudi Market Performance & Profitability - 2008
The year 2008 was a hard year for stock markets around the world and the Saudi bourse was no exception. During the last quarter of the year 2008, Saudi stocks tracked the sharp fall in international oil prices and faced the prospect of a regional economic slowdown amid a global financial crisis. Tadawul All-Share Index (TASI), the Saudi market benchmark, registered 56.49 percent in annual losses for the year 2008. The market capitalization, including the new listings, stood at SR924.53bn on December 31, 2008 compared to SR1,947.21bn at the start of the year, as investors’ wealth declined by 52.52 percent.
Saudi corporate profit margins fell in the fourth quarter of last year after companies started to feel the impact of declining oil prices and the overall economic slowdown. Overall profitability decreased by 7.57% in 2008 compared to the corresponding period last year. Those results excludes losses registered by Kingdom Holding Company and newly listed, non operational insurance stocks.
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