Saudi Stock Market Continues Uptrend
The Tadawul All Share Index in Saudi Arabia has been on the rise for the third consecutive day, gaining 132.67 points or 1.11 percent to close at 12,080.37.
Strong Trading Turnover and Positive Movement
The total trading turnover of the benchmark index reached SR7.25 billion ($1.93 billion), with 140 listed stocks advancing and 73 declining. The parallel market Nomu also saw a slight increase of 0.27 percent to 25,919.13, while the MSCI Tadawul Index gained 15.72 points to close at 1,513.57.
Top Performers and Worst Performer of the Day
The best-performing stocks were AYYAN Investment Co. and Al Sagr Cooperative Insurance, with their share prices surging by 9.96 percent each. On the other hand, Al-Baha Investment and Development Co. was the worst performer of the day, with its share price slipping 7.69 percent to SR0.12.
Major Announcements in the Market
Lana Medical Co.’s subsidiary, Lana Investment Co., acquired a 50 percent stake in Solar Laser Systems Co. and Solar Maccom Co. The SR6 million deal will be financed from the company’s resources and will impact the financial performance from Jan. 1. Meanwhile, Al-Hokail Academy Specialized Digital Polyclinics Co. has canceled its IPO on the parallel market to ensure the interest of investors and shareholders.
LIVA Insurance Co. received approval to provide insurance services to Banque Saudi Fransi for a year, starting from July 16. This deal is expected to have positive impacts on the company’s financial results for 2024 and 2025.