Saudi Stock Market Soars
In a remarkable turn of events, Saudi Arabia’s Tadawul All Share Index closed in the green on Wednesday, with a significant gain of 145.63 points, representing a 1.17 percent increase, to reach a closing value of 12,622.22.
Trading Turnover Hits SR8.3 Billion
The total trading turnover of the benchmark index reached a staggering SR8.3 billion ($2.21 billion) as 171 listed stocks experienced gains, while only 56 retreated.
Positive Momentum for MSCI Tadawul Index
The Kingdom’s MSCI Tadawul Index parallel market Nomu also witnessed growth, with an increase of 25.76 points or 1.62 percent, closing at 1,614.76. However, the parallel market Nomu saw a slight decline of 82.19 points or 0.31 percent, closing at 26,062.68.
Top Performers Shine
Salama Cooperative Insurance Co. stole the spotlight as the best-performing stock of the day, with a remarkable 6.61 percent surge in its share price, reaching SR30.65. Following closely behind was Jabal Omar Development Co., which saw a 6.32 percent rise in its stock price to SR30.30.
Other notable top performers included Saudi Steel Pipe Co. and Advanced Petrochemical Co., with their share prices soaring by 6.15 percent and 6.03 percent, respectively.
Bottom Performers Struggle
On the flip side, Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, experienced a significant drop of 8.40 percent in its share price. Savola Group and Saudi Cable Co. also faced declines, with their share prices dropping by 3.27 percent and 2.65 percent, respectively.
Nomu Market Highlights
In the Nomu market, Almujtama Alraida Medical Co. stood out as one of the top performers, with a stock growth of 9.56 percent. However, National Building and Marketing Co. faced challenges, with a notable drop of 9.35 percent in its share price.
Overall, the Saudi stock market showcased a mix of strong performances and struggles, reflecting the dynamic nature of the financial landscape.