Saudi Stock Market Holds Steady as Tadawul All Share Index Closes at 12,101.21
In the heart of Riyadh, Saudi Arabia’s Tadawul All Share Index showed resilience on Wednesday, shedding just 4.33 points or 0.04 percent to close at 12,101.21.
Market Turnover and Performance
With a total trading turnover of SR6 billion ($1.60 billion), the benchmark index saw 108 stocks advancing and 108 declining. The Kingdom’s parallel market boasted a positive performance, gaining 173.13 points to close at 26,337.13. The MSCI Tadawul Index marginally shed 0.05 points to 1,512.89.
Top Performers and Worst Performers
Kingdom Holding Co. stole the spotlight as the best-performing stock of the day, with a surge of 8.52 percent to SR8.53. Other notable performers on the main index were the Mediterranean and Gulf Insurance and Reinsurance Co., and Amlak International Finance Co., with their share prices soaring by 6.71 percent and 5.36 percent, respectively. On the flip side, Arabian Contracting Services Co. took a hit as its share price declined by 3.14 percent to SR228.60. Dr. Soliman Abdel Kader Fakeeh Hospital Co. and Modern Mills for Food Products Co. also saw their share prices slip by 3.04 percent and 2.62 percent, respectively.
Nomu Market Highlights
Nomu market’s positive performance was led by Clean Life Co., with its share price edging up by 12.90 percent to SR105. Naba Alsaha Medical Services Co. and Qomel Co. also saw increases of 10 percent and 5.76 percent, respectively. However, Alhasoob Co. experienced a downturn as its share price dropped by 5.79 percent to SR50.40. Marble Design Co. and Al Rashid Industrial Co. were among the other losers on the parallel market, with their share prices slipping by 5.56 percent and 4.86 percent, respectively.
Contract Announcement
Sure Global Tech Co. made waves with the announcement of a contract worth SR13.97 million from Saudi Arabia’s Research, Development, and Innovation Authority. The contract involves establishing and developing a national electronic platform for RDIA to manage and support research, development, and innovation. The three-year project aims to create a digital platform for research management that aligns with the requirements of a digital government.