Arab News, Sat, Jun 08, 2024 | Dhu al-Hijjah 2, 1445
Saudi main index edges up to close at 11,560
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 7.23 points, or
0.06 percent to close at 11,560.39
The total trading turnover of the benchmark index
was SR6.45 billion ($1.72 billion) as 70 stocks advanced, while 155
retreated.
Similarly, the MSCI Tadawul Index surged by 4.65
points, or 0.32 percent, to close at 1,450.46.
The Kingdom’s parallel market, Nomu, also
increased by 304.90 points or 1.18 percent, to close at 26,230.43. This comes as
36 stocks advanced, while as many as 26 retreated.
The best-performing stock of the day was Miahona
Co., as the company’s share price surged by 29.91 percent to SR14.94.
According to Al-Ekhbariya, the stock surged to its
maximum limit on its debut on the Saudi main market.
Miahona is a Saudi joint-stock company that began
operations in 2008 and was one of the first developers of water and wastewater
infrastructure under the public-private partnership model in the Kingdom.
On May 27, Miahona announced the allocation of a
minimum of 10 shares per individual subscriber, representing about 20 percent of
the total offering.
The individual investor subscription, which
included 9.65 million shares, was 6.1 times oversubscribed, ensuring each
individual subscriber received at least 10 shares.
The remaining shares will be proportionally
allocated at approximately 11.6 percent, based on each subscriber’s requested
amount relative to the total shares offered. The final offering price was set at
SR11.5 per share.
Consequently, the number of shares allocated to
institutional investors will be reduced to 38.62 million, representing 80
percent of the total offering.
Other top performers included Saudi Cement Co. and
Taiba Investments Co., whose share prices soared by 3.82 percent and 2.71
percent, to stand at SR44.85 and SR41.65 respectively.
The worst performer was Saudi Cable Co. whose
share price dropped by 7.87 percent to SR59.70.
Alkhorayef Water and Power Technologies Co. as
well as Etihad Atheeb Telecommunication Co., did not perform well and their
share prices dropped by 7.62 percent and 4.83 percent to stand at SR157.60 and
SR106.40, respectively.