RIYADH, Jan 30: Saudi shares rose 1.1 per cent in the week ending on Thursday mainly on the back of the start of trading of the stocks of Saudi Telecom after its partial sell-off, Bakheet Financial Advisors (BFA) said.

But the index fluctuated strongly during the week, rising 5.6 per cent on Saturday, the first day of trading, as the market welcomed Saudi Telecom stocks, but then shed most of the gains over Iraq war jitters.

The Tadawul All-Shares Index (TASI) finished on 2,643.97 points compared to last week’s closing of 2,615.34 points, BFA reported.

The TASI is now up five per cent on the end of 2002, but still 9.7 per cent lower than its all-time high of 2,927.23 points recorded last May 20.

At one stage, the price hit $66.40. But it finished the week on $55.5. Saudi Telecom is now the market leader with 18.7 per cent of the market capitalization of $93 billion.

Prices of only three companies rose, 59 companies were down, and two issues unchanged. Five listed firms did not trade. The stock market in oil-rich Saudi Arabia is the largest capitalized in the Arab world but operates only on an interbank basis.—AFP