Saudi Arabia’s Tadawul All Share Index Sees Strong Gains
In a positive turn of events, Saudi Arabia’s Tadawul All Share Index surged on Wednesday, showcasing a gain of 102.12 points, equivalent to 0.83 percent, to close at 12,460.11. The trading turnover hit SR8.189 billion ($2.18 billion) with 138 listed stocks advancing and 81 retreating.
Market Performance Highlights
The MSCI Tadawul Index also witnessed an uptick, rising by 9.75 points, or 0.63 percent, to settle at 1,557.46. Additionally, the Kingdom’s Nomu parallel market climbed by 144.95 points, or 0.54 percent, closing at 26,886.59, with 32 stocks advancing and 35 declining.
Stock Standouts
Acwa Power Co. stole the spotlight as the best performer of the day, soaring by 9.7 percent to SR438.80. Other notable mentions include Alkhaleej Training and Education Co., Mediterranean and Gulf Insurance and Reinsurance Co., Al-Baha Investment and Development Co., and Malath Cooperative Insurance Co.
On the flip side, Nahdi Medical Co. experienced a dip of 2.48 percent, with other underperformers being Co. for Cooperative Insurance, Jabal Omar Development Co., United Cooperative Assurance Co., and AlSaif Stores for Development and Investment Co.
Market Announcements
Al Rajhi Bank made headlines by announcing its plan to issue US-denominated additional tier-1 capital sukuk, with details to be decided based on market conditions. Meanwhile, Nahdi Medical Co. shared its financial results, showing a surge in revenues but a decline in net profits.
Saudi Telecom Co. and Saudi Real Estate Co. also disclosed their financial results, with positive earnings growth in the first quarter. Halwani Bros. Co. reported an increase in earnings, attributing it to higher sales transactions in the Kingdom and Egypt.