Saudi Stock Market Sees Growth
In a bullish day of trading, Saudi Arabia’s Tadawul All Share Index surged, closing at 12,502.35 after gaining 36.37 points, marking a 0.29 percent increase.
The total trading turnover reached an impressive SR8.19 billion ($2.18 billion) with 130 stocks advancing and 90 retreating.
The MSCI Tadawul Index also witnessed a positive trend, climbing by 5.98 points or 0.38 percent to close at 1,575.11.
Not to be outdone, the Kingdom’s parallel market, Nomu, saw a significant increase of 305.77 points, rising by 1.16 percent to close at 26,418.75, with 33 stocks advancing and 27 declining.
Leading the charge on the main index was Saudi Arabian Amiantit Co., with its share price skyrocketing by 7.69 percent to SR30.80.
Allianz Saudi Fransi Cooperative Insurance Co. also had a strong showing, with a 6.79 percent increase, closing at SR20.16 following a strategic acquisition by Abu Dhabi National Insurance Co. of a 51 percent stake in Allianz.
ADNIC Chairman Mohamed Al-Nahyan expressed optimism about the acquisition, highlighting the deep connections between the UAE and Saudi Arabia and the growth potential of the Saudi market.
Other notable performers included United Cooperative Assurance Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp., both seeing substantial increases of 5.68 percent and 5.51 percent respectively.
On the other hand, Alkhaleej Training and Education Co. experienced a decline, with its share price dropping by 5.27 percent to SR33.25.
In exciting news, Saudi mining giant Ma’aden announced the launch of single stock options on Tadawul, aimed at providing investors with more tools to manage risks and diversify their portfolios.