Arab News, Wed, Jun 26, 2024 | Dhu al-Hijjah 20, 1445
Closing Bell: Saudi main index rises to close at 11,730.77
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose
on Tuesday, gaining 33.73 points, or 0.29 percent, to close at 11,730.77.
The total trading turnover of the benchmark index
was SR7.09 billion ($1.89 billion) as 169 of the stocks advanced, while 54
retreated.
Similarly, the MSCI Tadawul Index gained 0.35
points, or 0.02 percent, to close at 1.470.96.
Meanwhile, the Kingdom’s parallel market Nomu lost
354.77 points, or 1.32 percent, to close at 26,423.10. This comes as 33 of the
listed stocks advanced, while 26 retreated.
The best-performing stock of the day was Al-Rajhi
Co. for Cooperative Insurance. The company’s share price surged 8.96 percent to
SR180.
Other top performers include Bupa Arabia for
Cooperative Insurance Co. as well as Sustained Infrastructure Holding Co., whose
share prices rose 6.97 percent and 5.49 percent respectively.
The worst performer was Ades Holding Co., whose
share price dropped by 2.83 percent to SR21.3.
Other fallers were Miahona Co. as well as Saudi
Manpower Solutions Co. and Qassim Cement Co, whose shares declined 2.56 percent
and 2.4 percent respectively.
On the announcements front, United International
Transportation Co., known as Budget Saudi’s shareholders, approved raising
capital by issuing new shares in order to fully acquire Al Jazira Equipment Co.
Ltd., known as AutoWorld.
According to a Tadawul statement, the decision
came during the extraordinary general meeting held on June 24.
Neft Alsharq for Chemical Industries began trading
on the Nomu parallel market at SR3.6 per share and a total offering size of 5
million shares.
Furthermore, the Capital Market Authority, known
as CMA, approved an application submitted by Arabian Mills Co. to float and
list 15.39 million shares, or 30 percent of its capital, in an initial public
offering on the main market.
The prospectus will be published ahead of the
subscription start date, the market regulator said in a statement.
The CMA’s approval is valid for six months from
the board’s resolution date, and will be deemed cancelled if the offering and
listing of the company’s shares are not completed within this period, it added.