Saudi Stock Market Soars
In a remarkable turn of events, Saudi Arabia’s Tadawul All Share Index experienced a significant rise on Wednesday, with a gain of 75.3 points or 0.61 percent, closing at 12,343.72.
Trading Turnover and Market Performance
The total trading turnover on the benchmark index reached SR7.09 billion ($1.89 billion) as 136 stocks advanced and 83 declined. Additionally, the Kingdom’s parallel market, Nomu, witnessed a drop of 30.99 points, closing at 25,653.38, with 26 stocks advancing and 33 retracting. The MSCI Tadawul Index also saw an increase of 9.85 points, closing at 1,545.63.
Stock Highlights
The standout performer of the day was Saudi Printing and Packaging Co., which surged by 10 percent, closing at SR14.52. Other top performers included Saudi Industrial Development Co. and Saudi Fisheries Co., with their share prices rising by 9.93 percent and 9.9 percent, respectively. On the flip side, National Medical Care Co. experienced a decline of 2.47 percent, closing at SR213.60. Gulf Union Alahlia Cooperative Insurance Co. and Saudi Reinsurance Co. also saw a decrease in their share prices by 2.28 percent and 2.17 percent, closing at SR16.26 and SR36, respectively.
Nomu Market Performance
Over on the parallel market, Al Mohafaza Co. for Education emerged as the top performer with a 9.21 percent increase, closing at SR23. Armah Sports Co. and Balady Poultry Co. also saw gains of 5.33 percent and 4.49 percent, respectively. However, Banan Real Estate Co. experienced a significant drop of 7.8 percent, closing at SR5.44. Academy of Learning Co. and Leen Alkhair Trading Co. also saw their shares decrease by 6.73 percent and 4.55 percent, respectively.
Key Announcements
In a noteworthy development, Saudi AZM for Communication and Information Technology Co. confirmed the award of a new project from the General Entertainment Authority. This project aims to provide guidance and support to entrepreneurs and businesses in the entertainment sector, in line with Saudi Arabia’s Vision 2030. The project’s value accounts for more than 5 percent of AZM’s total revenues for the 2024 financial year and includes advisory services to strengthen the capabilities of entertainment sector stakeholders. This initiative builds on the existing partnership between AZM and GEA, showcasing a commitment to fostering industry growth.
In a previous collaboration, AZM worked with GEA on a digital transformation project that upgraded the authority’s operational framework, enhancing efficiency and service delivery through IT solutions. The project involved system upgrades, process automation, and integration of advanced technologies.