Saudi Stock Market Continues Upward Trend
In a thrilling day of trading, Saudi Arabia’s Tadawul All Share Index surged by 66.15 points to close at 11,947.70. The benchmark index saw a total trading turnover of SR7.18 billion ($1.91 billion), with 105 stocks advancing and 116 declining.
Nomu Market Sees Positive Movement
On the parallel market, Nomu climbed by 0.60 percent to end Monday’s trading session at 25,849.92. The MSCI Tadawul Index also experienced growth, gaining 9.83 points to reach 1,497.85.
Top Performers and Losers
Al Sagr Cooperative Insurance Co. stole the spotlight as the best-performing stock, with its share price skyrocketing by 10 percent to SR20.68. Other notable gainers include National Gas and Industrialization Co., Aljazira Takaful Taawuni Co., Makkah Construction and Development Co., and United Cooperative Assurance Co.
On the flip side, Al Taiseer Group Talco Industrial Co. faced a tough day, with its share price plunging by 7.72 percent to SR65.70.
Exciting Announcements in the Market
Sure Global Tech Co. made waves by signing a contract worth SR51.99 million to develop a digital platform for the Entrustment and Liquidation Center, also known as Infath. The three-year contract is expected to have a positive impact on the company’s financials from 2024 through 2026.
Naseej for Technology Co. also grabbed headlines with a contract worth SR11.3 million with the National eLearning Center. This agreement involves managing and operating NELC’s learning management system to boost confidence in e-learning and promote sustainable innovation in Saudi Arabia. The contract, valid for 36 months, is anticipated to positively influence Naseej Tech’s financial performance in the years 2024, 2025, and 2026.