Saudi Stock Market Bounces Back Strongly
After a rough start on Monday, the Tadawul All Share Index in Saudi Arabia made a strong comeback on Tuesday, gaining 58.22 points to close at 12,613.94.
Market Performance and Top Performers
The trading value on the Kingdom’s benchmark index reached SR8.38 billion ($2.23 billion), with 124 stocks advancing and 93 declining. In addition, the parallel market Nomu also saw an increase of 71.18 points, closing at 26,446.59. The MSCI Tadawul Index edged up by 0.21 percent to 1,599.07.
Arabian Contracting Services Co. stole the spotlight as the best-performing stock of the day, with its share price soaring by 9.95 percent to SR229.80. Other top performers included Al-Rajhi Co. for Cooperative Insurance and Saudi Steel Pipe Co., with their share prices surging by 7.24 percent and 7.12 percent, respectively.
Announcements and Financial Updates
On the announcements front, Arabian Centers Co. completed the issuance of an additional dollar-denominated sukuk at $100 million, as part of the outstanding $500 million sukuk issued on March 6, 2024, and due in 2029. The sukuk issuance will be settled on March 18, 2024.
Middle East Healthcare Co.’s sukuk is set to start trading on March 13 under the symbol 5019. SISCO Holding announced a significant financial update, with its net profit surging by 94 percent in 2023 to SR71.2 million compared to the previous year. The board also approved a 4 percent cash dividend for the second half of 2023.