Saudi Stock Market Shows Positive Movement
In a positive turn of events, Saudi Arabia’s Tadawul All Share Index experienced a rise on Wednesday, gaining 44.87 points, or 0.37 percent, to close at 12,109.52.
The total trading turnover of the benchmark index reached SR6.36 billion ($1.69 billion) as 64 stocks advanced, while 163 retreated.
Meanwhile, the Kingdom’s parallel market, Nomu, saw a slight dip by 20.90 points, or 0.08 percent, closing at 26,651.19. Despite this, 33 stocks advanced, while 29 retreated.
The MSCI Tadawul Index also experienced a decrease, shedding 8.94 points, or 0.59 percent, to close at 1,519.89.
Among the standout performers of the day was Arabian Pipes Co., with its share price surging by 8.07 percent to SR142.
Other notable gainers included Saudia Dairy and Foodstuff Co. and Makkah Construction and Development Co., witnessing a rise of 4.76 percent and 4.29 percent, reaching SR343.60 and SR116.80, respectively.
On the flip side, Al-Baha Investment and Development Co. emerged as the worst performer, with its share price dropping by 7.69 percent to SR0.12.
Similarly, Al Taiseer Group Talco Industrial Co. and Arabian Cement Co. also experienced a decline, with their share prices dropping by 6.69 percent and 4.76 percent, settling at SR60 and SR27, respectively.
In other news, the Capital Market Authority approved the public offer by “Ashmore Investment Saudi Arabia” for “Ashmore Saudi Sharia Equity Fund.”
Retal Urban Development Co. reported a significant surge in sales by 65.4 percent in the first half of this year, attributing the increase to various factors such as an increase in development contracts revenues and an uptick in units sold in projects.
Nahdi Medical Co. also showcased positive revenue growth with a 8.9 percent increase in retail sales and substantial gains from investments in the UAE healthcare and retail sectors.
Overall, the Saudi stock market displayed dynamic movements and promising developments across various sectors, indicating potential growth and opportunities for investors.