Saudi Stock Market Soars on Sunday
In a remarkable display of strength, Saudi Arabia’s Tadawul All Share Index surged on Sunday, with a significant gain of 231.04 points, marking a 2.01 percent increase to close at 11,729.97.
With a total trading turnover of SR5.18 billion ($1.38 billion), the benchmark index saw 79 stocks advancing while 151 retreated.
Nomu Market Also Sees Positive Movement
Similarly, the Kingdom’s parallel market Nomu experienced a positive trajectory, with a gain of 71.63 points (0.27 percent) to close at 26,825.62. Among the listed stocks, 32 advanced while 36 retreated.
MSCI Tadawul Index on the Rise
Meanwhile, the MSCI Tadawul Index also showed strength, gaining 38.14 points (2.65 percent) to close at 1,475.68.
Stock Market Standouts
The star performer of the day was Rasan Information Technology Co., with a remarkable surge of 10.60 percent in its share price, reaching SR53.20. Other notable performers include ACWA Power Co. and Fawaz Abdulaziz Alhokair Co.
On the flip side, Batic Investments and Logistics Co. saw a decline of 5.81 percent in its share price, dropping to SR3.08. Other underperformers included Etihad Atheeb Telecommunication Co. and Saudi Manpower Solutions Co.
Major Announcements in the Market
In a significant move, Yanbu Cement Co. announced the signing of a non-binding memorandum of understanding with Southern Province Cement Co. to explore the feasibility of a merger between the two companies. Both firms will undergo due diligence to assess various aspects of the potential merger.
Additionally, Edarat Communication and Information Technology Co. disclosed the receipt of a letter of award from Almoammar Information Systems Co. to provide facility management support services for Sahayeb Data Centers. The agreement entails managing, operating, and maintaining data centers in Riyadh and Dammam from the second quarter of 2024 until the end of 2025.