11/12/2012
Shares of Losing Insurance Companies Increase
A study for Economic Reports Unit in" Aleqtisadiah" Newspaper revealed that losing insurance companies shares increased more than 300% for some companies while profit making companies declined.
"ACE" Insurance increased 333%, which is the difference between its lowest closing at 53 Riyals on January 16, 2012 and its highest closing at 229.75 Riyals on November 5, 2012.
It increased more than 9% in 22 sessions and then decreased 9% in two sessions.
"Aseej" increased 77% from the beginning of the year to the of November. The difference between its highest and lowest increased 235% in two and half months.
It is worth mentioning that it was stopped for 34 sessions because its cumulative losses reached 87% of its capital after the end of 1st quarter but the company decided later to double its capital as rights issue.By the end of the third quarter of 2012, cumulative losses reached 52% of the capital after the increase and results of the company recorded losses worth 14.9 million Riyals, compared to one million Riyal profit.
