Jeddah, Asharq Al-Awsat-The National Commercial Bank (NCB) has recently introduced a new financial service to its clients whereby they can trade (sell and buy) in the Saudi Stock Market directly from its Beirut Branch starting August 1, 2005. Obviously, this will add a competitive edge for NCB and proves that the bank endeavors with best efforts to providing innovative financial solutions to meet its clients’ needs. Mr. Ahmed Abu Baker Saleh, Head of International Division, commented.
Mr. Hany Al-Shuwaier, Head of Brokerage Services Group affirmed that the aim of launching such service is to provide NCB customers the opportunity to follow the market, manage their investment portfolios and trade while in Beirut.
Mr. Al-Shuwaier indicated that the Saudi Stock Market has grown by 60% since the beginning of the year, attributing the growth to several factors, the leading cause being the whole economic conditions in the kingdom which are supported by the rise in oil prices and the increase of national liquidity. He extended his optimism on the market performance during the coming period based on the first half published profit results for 70 companies totaling around SR29 Billion, recording 46% increase over the same period of year 2004. The size of NCB stock exchange trading recorded a remarkable increase of around 83% during the first half of 2005, Mr. Al-Shuwaier added.
Worth mentioning, NCB had launched its electronic trading in April 2005, which has been widely received. Further, the stock exchange service via the telephone automated banking will be launched very soon, the first service of its kind in the kingdom.