Saudi Stock Market Takes a Dip
In a turbulent day for the Saudi stock market, the Tadawul All Share Index saw a decline of 152.88 points, or 1.31 percent, closing at 11,498.93. The total trading turnover reached SR10.97 billion ($2,92 billion) with 62 stocks advancing and 165 retreating.
Market Movements
The MSCI Tadawul Index also experienced a decrease of 18.86 points, or 1.29 percent, closing at 1,437.54. On the other hand, the parallel market Nomu showed some positivity by increasing 104.55 points, or 0.39 percent, closing at 26,753.99 with 30 stocks advancing.
Top Performers and Underperformers
The standout stock of the day was Rasan Information Technology Co., with a remarkable 30 percent surge in share price to SR48.10. Other top performers included Al Taiseer Group Talco Industrial Co. and Al Moammar Information Systems Co. The worst performer was Saudi Manpower Solutions Co., witnessing an 8.51 percent drop in share price.
Rasan Information Technology Co. Makes Waves
In exciting news, Rasan Information Technology Co. had a successful Riyadh debut, raising SR841 million with shares peaking at SR48.1. The IPO saw strong demand, oversubscribed 129 times, showcasing Saudi Arabia’s efforts to diversify its stock exchange.
Future IPOs in the Pipeline
Apart from Rasan, other firms like Tabby and Nice One are considering IPOs, indicating a potential shift towards tech listings in the Saudi market.