Saudi banking stocks gain strength; Tadawul up 1%

Banking shares gained 1.43 percent as the Saudi stock market rose nearly 1 percent on Wednesday.
The value of traded shares reached SR5.4 billion with a volume of 331 million.
Banks and Financial Services Index rose 205.27 points to reach 14,528.23 points.
The benchmark’s advance was supported by Banque Saudi Fransi, which rose 3.4 percent.
The bank, part-owned by Credit Agricole, announced a 3.2 percent jump in quarterly profit and plans for a higher first-half dividend than it paid in the same period last year.
The market continued its post-Eid Al-Fitr gains as Tadawul data revealed that top executives in banks listed in the stock market own SR12 million in their banks, or 0.01 percent of the market capitalization of the sector’s shares, which totaled SR383 billion by the end of the trading day on July 10.
The top executives have some 928,000 shares in the banking sector, out of 16.7 billion shares, an analytical report stated.
Abdulmohsen Al-Fares, CEO of Alinma Bank, topped the list of executives in terms of number and value of shares, at 572,000, valued at SR7.5 million, or 0.0381333 percent of the bank’s market capitalization, local media quoted the report as saying.
Al-Fares’ shares represent 62 percent of the total number of shares owned by the seven top executives in the listed Saudi banks.
The total shares of Alinma Bank amounts to 1.5 billion, according to the report.
David Johnson, one of the top executives at Saudi Investment Bank (SAIB), was the second top executive having big number of shares, estimated at 182,000 and valued at SR2.29 million, or 0.0260482 percent of the bank’s market capitalization, which stood at 700 million.
Johnson’s shares represent 19 percent of the total shares owned by the seven top executives in the listed Saudi banks.
Saudi Hollandi Bank (SHB) Managing Director Bernd Van Linder was the third top executive having many shares, at 90,000 and valued at SR1.08 million, or 0.0078735 percent of his banks’ 1.14 billion shares.
His shares represent 9 percent of the total number of shares owned by the seven top executives of the listed Saudi banks, the report said.
Fourth came Talal I. Al-Qudaibi, CEO of Riyad Bank, who owns 6 percent of the total shares of top executives. He owns 67,000 shares of his bank’s 3 billion shares (valued at SR732,000), or 0.002288 percent of the bank’s total shares.
Saeed bin Muhammad Al-Ghamdi, CEO of the National Commercial Bank (NCB), has the fifth biggest number of shares, or 3 percent of the market capitalization of shares owned by top banking executives.
He owns 9,700 shares (valued at SR389,000), or 0.0004874 percent of the bank’s 2 billion shares, the report said.
Nabil bin Dawood Al-Hoshan, CEO of Bank AlJazira, came in 7th, having 2,700 shares valued at SR34,400, or 0.0006665 percent of his bank 400 million shares.
His shares represent 0.3 percent of the total shares owned by top executives of listed Saudi banks.

Source: Arab News