Saudi Stock Market Continues Downward Trend
In Riyadh, Saudi Arabia, the Tadawul All Share Index saw a second consecutive day of losses, dropping 24.52 points to close at 12,484.41. The total trading turnover reached SR8.44 billion ($2.25 billion), with 71 stocks advancing and 157 declining.
Nomu Market Sees Growth
On the other hand, the parallel market Nomu experienced a positive day, gaining 95.74 points to close at 26,691.96. However, the MSCI Tadawul Index slipped by 0.24 percent to 1,563.40.
Top Performers and Underperformers
United Cooperative Assurance Co. was the best-performing stock, with a 6.67 percent increase in share price to SR13.44. Etihad Atheeb Telecommunication Co. and Gulf Union Alahlia Cooperative Insurance Co. also saw significant gains, rising by 4.84 percent and 4.54 percent, respectively. On the other hand, Fitaihi Holding Group was the worst performer, with a 4.77 percent decrease in share price to SR4.19.
Exciting Announcements from MEPCO
Middle East Paper Co. announced the start of its cardboard factory project, with a production capacity of 450,000 tonnes. The company completed the feasibility study with a final budget of SR1.78 billion and expects to finish the project in 42 months. Funding will come from internal resources, long-term loans, and shares issued to Saudi Arabia’s Public Investment Fund. Additionally, MEPCO signed an agreement with J.M. Voith SE & Co. KG for the manufacturing and installation of the main machine for the project.