Saudi Arabia: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 231.04 points, or 2.01 percent, to close at 11,729.97.

The total trading turnover of the benchmark index was SR5.18 billion ($1.38 billion) as 79 of the stocks advanced, while 151 retreated.

Similarly, the Kingdom’s parallel market Nomu gained 71.63 points, or 0.27 percent, to close at 26,825.62. This comes as 32 of the listed stocks advanced while 36 retreated. 

Meanwhile, the MSCI Tadawul Index also gained 38.14 points, or 2.65 percent, to close at 1,475.68.

The best-performing stock of the day was Rasan Information Technology Co. The company’s share price surged 10.60 percent to SR53.20. 

Other top performers include ACWA Power Co. as well as Fawaz Abdulaziz Alhokair Co.

The worst performer was Batic Investments and Logistics Co., whose share price dropped by 5.81 percent to SR3.08. 

Other worst performers were Etihad Atheeb Telecommunication Co. as well as Saudi Manpower Solutions Co.

On the announcements front, Yanbu Cement Co. has announced the signing of a non-binding memorandum of understanding with Southern Province Cement Co. to evaluate the feasibility of merging the two companies.

According to a Tadawul statement, both firms will commence the process of due diligence, examining operational, technical, and financial as well as legal and actuarial aspects. 

They will also engage in non-binding discussions regarding the details of the terms and conditions for the proposed merger.

The MoU shall terminate upon the signing of the merger agreement by both companies or upon the expiration of 12 months from the date of its signing. It may also be extended with the approval of both firms jointly.

Additionally, either company may terminate the MoU by providing written notice to the other party in this regard.

Moreover, Edarat Communication and Information Technology Co. has announced the receipt of a letter of award from Almoammar Information Systems Co. to provide facility management support services for Sahayeb Data Centers.

A bourse filing revealed that, under the terms of the agreement, Edarat will provide support services, including managing, operating, and maintaining Sahayeb Data Centers located in Riyadh and Dammam, starting in the second quarter of 2024 and continuing until the end of 2025.