Saudi Stock Market Takes a Hit
In a disappointing turn of events, Saudi Arabia’s Tadawul All Share Index took a nosedive on Wednesday, shedding 74.42 points, amounting to a 0.63 percent decrease, to close at 11,656.35.
Trading Turnover and Stock Movement
The total trading turnover of the benchmark index reached SR5.46 billion ($1.46 billion) with 109 stocks showing gains and 117 stocks experiencing losses. The MSCI Tadawul Index also saw a decline of 12.46 points, or 0.85 percent, closing at 1,458.50.
Nomu Market Plummets
The Kingdom’s parallel market, Nomu, followed suit by dropping 67.77 points, or 0.26 percent, to close at 26,355.33. Out of the listed stocks, 37 advanced while 30 retreated.
Winners and Losers
Miahona Co. emerged as the top performer of the day, with its share price skyrocketing by 8.92 percent to SR24.90. Other notable gainers include Rasan Information Technology Co. and Gulf Insurance Group, which saw their share prices surge by 5.91 percent and 5.42 percent, respectively.
On the flip side, ADES Holding Co. experienced the biggest drop with its share price plummeting by 4.60 percent to SR20.32. ACWA Power Co. and Ataa Educational Co. also faced losses, with their share prices decreasing by 3.26 percent and 2.89 percent, respectively.
Announcements and Investments
In a significant development, Saudi Tadawul Group Holding Co. sealed a deal with DME Holdings Ltd. and its current shareholders, acquiring a 32.6 percent stake in DME Holding Limited. This move positions the Group as an equal shareholder with CME in DME Holdings.