Saudi Stock Market Soars
RIYADH: In a thrilling turn of events, Saudi Arabia’s Tadawul All Share Index skyrocketed on Wednesday, gaining a whopping 77.24 points, or 0.64 percent, to close at an impressive 12,157.61.
The trading frenzy saw the benchmark index hitting a turnover of SR7.37 billion ($1.96 billion) as 157 listed stocks charged forward, while 64 took a step back.
Market Highlights
The MSCI Tadawul Index also joined the party, increasing by 6.82 points, or 0.45 percent, to close at a respectable 1,520.39.
However, the Kingdom’s parallel market Nomu decided to play it cool, decreasing by 31.22 points, or 0.12 percent, to close at a solid 25,887.91. This move came as 36 listed stocks made gains, while 32 retreated.
Top Performers Steal the Show
The star of the show was AYYAN Investment Co., stealing the spotlight with a jaw-dropping surge of 9.97 percent to reach a price of SR19.42.
Other notable performers included Miahona Co. and Al Sagr Cooperative Insurance Co., with their share prices shooting up by 9.88 percent and 9.41 percent, landing at SR42.25 and SR24.88, respectively.
National Gas and Industrialization Co. and Al-Baha Investment and Development Co. also made waves as top gainers.
Strugglers Face Tough Day
Unfortunately, the worst performer of the day was the Mediterranean and Gulf Insurance and Reinsurance Co., witnessing a sharp drop of 2.46 percent to close at SR31.70.
Baazeem Trading Co. and Arabian Pipes Co. also faced challenges, with their share prices declining by 1.53 percent to SR64.30 and 1.20 percent to SR131.40, respectively.
Saudi Public Transport Co. and Red Sea International Co. also experienced a dip in their stock prices.
Exciting New Offerings
Value Capital Co. made a groundbreaking announcement as the financial advisor and lead manager, revealing Tharwah Co.’s plan to offer 705,735 ordinary shares, representing 15 percent of its total shares post-offering, with the company’s shares set to be listed on Nomu.
Tharwah Co.’s application for listing on the parallel market was given the green light by the Saudi Exchange on May 19, and the Capital Market Authority approved the offering on June 3. The price per share for subscribers will be announced after the book-building period, with the one-week offering period slated to begin on Aug. 4.
Meanwhile, Alkhabeer Capital, a Shariah-compliant investment and financial services firm, made waves with the listing and commencement of trading for the Alkhabeer Diversified Income Fund 2030 on the Saudi Exchange.
The fund reported successful participation from a diverse group of investors during its initial public offering, which concluded on June 13, attracting a whopping 144,132 subscribers and raising a total of SR305.4 million.