Saudi Stock Market Holds Steady Despite Minor Decrease
In the bustling financial hub of Riyadh, Saudi Arabia’s Tadawul All Share Index managed to maintain its composure on Wednesday, closing at 11,595.20 after a slight dip of 10.89 points or 0.09 percent.
Trading Turnover and Performance
The total trading turnover for the day amounted to a hefty SR4.99 billion ($1.33 billion), showcasing the active nature of the market. Of the listed stocks, 65 managed to climb up while 161 faced a decline.
On a brighter note, the Kingdom’s MSCI Tadawul Index experienced a modest uptick of 0.15 percent, reaching 1,448.73. However, the parallel market Nomu took a hit, dropping by 1.39 percent to close at 25,745.14.
Top Performers and Laggards
The star of the day was Al-Baha Investment and Development Co., with a remarkable surge of 8.33 percent in its share price, reaching SR0.13. In the main market, Gulf Insurance Group and Alamar Foods Co. also shone bright, witnessing a significant increase of 4.52 percent and 4.18 percent in their share prices, respectively.
On the flip side, Rasan Information Technology Co. had a tough day as the worst performer on the benchmark index, with its share price taking a hit of 5.26 percent, dropping to SR61.20. In the parallel market, Mohammed Hadi Al Rasheed and Partners Co. and Edarat Communication and Information Technology Co. stole the show with impressive surges of 16.34 percent and 8.07 percent in their share prices, respectively. However, Ladun Investment Co., listed on Nomu, faced a rough patch with a 16.67 percent drop in its share price, now at SR4.30.
Major Announcements
Arabian International Healthcare Holding Co., also known as Tibbiyah, made waves by finalizing the acquisition of Al-Hammad Medical Services Co. for a hefty sum of SR35 million. On the other hand, Sumou Real Estate Co. sealed a lucrative SR1.3 billion contract with Jubail and Yanbu Industrial Cities Services Co. to construct 1,104 residential units in Yanbu Industrial City. The project, effective for 36 months, is expected to have a positive impact on Sumou Real Estate Co.’s financial results as they embark on this new venture.
The company also clarified that there are no related parties involved in the project, ensuring transparency and accountability in their operations.