Saudi Stock Market Update: Tadawul All Share Index Closes Slightly Down
In Riyadh, the Saudi Arabia’s Tadawul All Share Index closed at 12,261.18 points on Monday, losing 1.46 points, or 0.01 percent. MSCI Tadawul 30 Index also lost 0.40 points or 0.03 percent to finish at 1,536.44. The parallel market, Nomu, fell 256.47 points, or 0.96 percent, ending the day at 26,433.91.
Trading Highlights and Top Performers
The main index posted a trading value of SR9 billion ($2.4 billion), with 85 stocks advancing and 137 declining. Al-Baha Investment and Development Co. was the top performer on TASI, jumping 8.33 percent. Saudi Real Estate Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. also saw significant gains.
On the other hand, Savola Group was the day’s worst performer, with its share price dipping 5.01 percent. Wafrah for Industry and Development Co. and Herfy Food Services Co. also performed poorly.
Savola Group’s Capital Increase
Savola Group’s share price drop followed shareholder approval of a board recommendation to increase the company’s capital through a rights issue. The capital increase will involve offering 600 million ordinary shares at SR10 per share, raising a total of SR6 billion. This move will more than double Savola’s capital and enable the company to pay off debts and distribute shares in Almarai Co. to eligible shareholders.
Financial Results Update
Rawasi Albina Investment Co. reported a SR9.4 million loss for the first half of the year, while Mohammed Hasan AlNaqool Sons Co. witnessed a 55.7 percent growth in revenue. Net profit for the latter also increased significantly compared to the same period last year.