Saudi Stock Market Update: Tadawul All Share Index Slips
In Riyadh, Saudi Arabia, the Tadawul All Share Index experienced a slip on Sunday, losing 39.80 points, or 0.33 percent, to close at 12,059.53.
Trading Turnover and Market Movement
The total trading turnover of the benchmark index amounted to SR3.32 billion ($885 million), with 91 stocks advancing and 129 retreating.
The Kingdom’s parallel market, Nomu, saw a gain of 72.18 points, or 0.23 percent, closing at 31,173.07. Out of the listed stocks, 52 advanced while 35 retreated.
The MSCI Tadawul Index lost 5.47 points, or 0.36 percent, closing at 1,513.54.
Stock Performance Highlights
The best-performing stock of the day was Saudi Cable Co., with a share price surge of 8.49 percent to SR93.30.
Other top performers included Sumou Real Estate Co., rising 6.61 percent to SR47.60, and Walaa Cooperative Insurance Co., surging 3.45 percent to SR18.60.
Al-Baha Investment and Development Co. recorded the biggest drop, falling 6.06 percent to SR0.31, while Riyadh Cables Group Co. saw its stock prices fall 3.07 percent to SR145.
Market Announcements
Saudi Tadawul Group Holding Co. announced the latest development regarding the acquisition of its subsidiary, Tadawul Advanced Solutions Co., involving the acquisition of 49 percent of the remaining shares in Direct Financial Network Co. for SR 220.5 million.
The acquisition aims to support WAMID’s growth strategy and advance innovation in the regional capital markets.
Mufeed Co. declared a cash dividend distribution of SR33 million to shareholders for the first half of 2024, with a dividend per share at SR5.
Salama Cooperative Insurance Co. announced the period for rights issue trading and new shares subscription from Dec. 17-29, allowing shareholders to subscribe to new shares according to outlined terms.