TASI: Improved Regulation But Bearish Outlook Remains

With the regulating body of the Tadawul All-Share Index (TASI), the Capital Markets Authority (CMA), continuing its efforts to stamp out insider trading, manipulation of stock prices and fraud, we are encouraged by recent news that the organisation has punished a number of firms for breaking regulations. Firstly, in June the CMA fined eight listed firms on the index SAR10,000 (US$2,667) each as they 'did not comply in disclosing their 2007 annual earnings within the fixed deadline'. The eight companies, which are mainly in the insurance sector, are Medgulf, SABB Takaful, Malath, Sanad, Anaam Holding, Emaar Economic City, Saudi Fransi

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