Saudi Arabia’s Tadawul All Share Index Climbs as Trading Turnover Hits SR5.3 Billion
Breaking news from Riyadh as Saudi Arabia’s Tadawul All Share Index saw a rise of 34.55 points, or 0.28 percent, reaching a closing point of 12,157.03 on Wednesday. The trading turnover for the benchmark index hit an impressive SR5.3 billion ($1.413 billion) with 54 stocks advancing and 136 retreating.
MSCI Tadawul Index Sees Slight Increase While Nomu Market Dips
Additionally, the MSCI Tadawul Index also experienced a slight uptick by 3.54 points, or 0.23 percent, closing at 1,523.94. However, the Kingdom’s parallel market Nomu took a hit, dropping by 88.34 points, or 0.33 percent, to close at 26,845 with 25 stocks rising and 35 falling.
Top Performers and Worst Performers in the Market
Naseej International Trading Co. emerged as the best-performing stock, with a significant surge of 9.81 percent to reach SR81.70. Other notable performers included Gulf General Cooperative Insurance Co. and Makkah Construction and Development Co., witnessing share price increases of 6.68 percent and 6.01 percent, respectively.
On the flip side, Amlak International Finance Co. faced a decline of 5.03 percent to SR11.34. Batic Investments and Logistics Co. and Al-Jouf Agricultural Development Co. also experienced drops in their share prices.
Exciting IPO News from Saudi IT Company Rasan
Exciting announcements were made by Saudi IT company Rasan as they set the final offering price for their upcoming IPO at SR37 per share. The book-building process for institutional investors was oversubscribed by approximately 129.1 times, with the entire offering subscribed to by institutions.
Stay tuned for the second phase where individual investors will have the opportunity to get their hands on a portion of the total holdings offered. The IPO is being managed by Saudi Fransi Capital and Morgan Stanley Saudi Arabia.