Shares in Saudi United Cooperative Insurance Company (Walaa Insurance) jumped 370 percent on debut on the Tadawul yesterday.
Sanad offered a 40 percent stake or 8 million shares in IPO (initial public offering) in May.
The SR10 Walaa Insurance shares reached a high of SR60 after opening at SR59 before closing 370 percent higher at SR47 yesterday. The shares touched a low of SR45.75 during trading.
Other insurance companies, which started trading last month, also made solid beginnings on the Tadawul. Shares of Saudi IAIC Insurance Cooperative Co., (Salama) soared 500 percent, SABB Takaful shares rose 497.50 percent and the Arabian Shield Cooperative Insurance Company (ASCIC) shares jumped 537.50 percent.
Malath Cooperative Insurance and Reinsurance Co. shares gained 342.50 percent on the first day on the Tadawul in May.
The National Company for Cooperative Insurance (NCCI) shares closed 2.23 percent higher yesterday at SR114.75. However, shares of Arabian Shield and Saab Takaful declined by 3.38 percent and 0.73 percent, respectively.
This is the 7th company to be traded in the insurance sector, which was earlier dominated by NCCI.
The big jump in Walaa Insurance shares failed to halt a slide in the Tadawul All-Share Index (TASI) as it closed 18.47 points down at 7,427.03 yesterday.
Saudi Basic Industries Corp. (SABIC) shares fell yesterday despite it making a record profit in the second quarter. SABIC shares closed 0.59 percent down at SR126.25.
Also yesterday, shares in Ahmed H. Fitaihi Company gained 9.66 percent to SR39.75, Etihad Etisalat by 4.05 percent to SR57.75 and Hail Agriculture by 3.05 percent to SR33.75.
Saudi Telecom Co. (STC) shares also rose 1.22 percent to SR62.25.
In the banking sector, shares in Saudi Hollandi Bank and Banque Saudi Fransi gained 0.61 percent and 2.86 percent, respectively. Al-Rajhi Bank shares declined to SR73. Riyad Bank shares fell 1.42 percent and Bank Albilad by 1.68 percent.
Out of 95 companies traded, shares in 22 companies rose while 56 companies were in the red yesterday.
The stock market turnover crossed SR6.9 billion.
Meanwhile, Sanad for Cooperative Insurance and Reinsurance will start trading in the Saudi bourse from next Saturday, according to a Tadawul statement quoted by the Saudi Press Agency yesterday.