Saudi Arabia’s Tadawul All Share Index Soars
In a remarkable display of strength, Saudi Arabia’s Tadawul All Share Index surged on Tuesday, with a gain of 33.73 points, marking a 0.29 percent increase to close at 11,730.77.
The trading turnover of the benchmark index reached SR7.09 billion ($1.89 billion) as 169 stocks advanced while 54 retreated.
Market Movements
The MSCI Tadawul Index also saw a positive uptick, gaining 0.35 points, or 0.02 percent, to close at 1,470.96.
On the flip side, the Kingdom’s parallel market Nomu experienced a setback, losing 354.77 points or 1.32 percent to close at 26,423.10. Despite this, 33 listed stocks showed advancement while 26 took a dip.
Top Performers and Underdogs
The standout performer of the day was Al-Rajhi Co. for Cooperative Insurance, witnessing a remarkable surge of 8.96 percent, with its share price hitting SR180.
Other notable gainers include Bupa Arabia for Cooperative Insurance Co. and Sustained Infrastructure Holding Co., with share price increases of 6.97 percent and 5.49 percent respectively.
On the other end of the spectrum, Ades Holding Co. faced a decline of 2.83 percent, seeing its share price drop to SR21.3. Other decliners included Miahona Co., Saudi Manpower Solutions Co., and Qassim Cement Co., with declines of 2.56 percent and 2.4 percent respectively.
Market Announcements
In significant market news, Budget Saudi’s shareholders approved raising capital by issuing new shares to fully acquire AutoWorld. This decision was made during an extraordinary general meeting held on June 24.
Neft Alsharq for Chemical Industries began trading on the Nomu parallel market at SR3.6 per share, with a total offering size of 5 million shares.
Additionally, the Capital Market Authority approved Arabian Mills Co.’s application to float and list 15.39 million shares in an initial public offering on the main market. The prospectus will be published ahead of the subscription start date.
The CMA’s approval is valid for six months, and will be cancelled if the offering and listing are not completed within this period.