Tuesday 03, June 2008 by Mike Gallagher

Al Inma fails to save Tadawul

All eyes were in the Tadawul as the much anticipated IPO of Al Inma Bank kicked off. The debutant saw its value rise by 60 per cent in early trading. But the Saudi bourse still could not break into the green. Many had expected that the arrival of Al Inma would see banking stocks rise in tandem, but the much talked about surge failed to materialise. The Saudi British Bank, Emaar, Arab National Bank, Riyad bank and Mobily all dragged the Tadawul down, even though only 24 stocks were down, compared to 74 on the up.  Al Inma finished the day selling for SR16. The Tadawul closed at 9501.92, down 0.15 per cent.

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