Saudi Stock Market Update: Tadawul All Share Index Rises
In the bustling financial hub of Riyadh, Saudi Arabia, the Tadawul All Share Index experienced a positive surge on Monday. The index gained 29.56 points, equivalent to 0.25 percent, to close at a strong 11,718.17.
Trading Turnover and Market Movement
The total trading turnover of the benchmark index reached an impressive SR5.59 billion ($1.49 billion). Among the listed stocks, 79 showed advancement while 147 saw a decline.
The MSCI Tadawul Index also saw an uptick, rising by 7.61 points or 0.52 percent, to close at 1,463.57. However, the parallel market Nomu experienced a slight dip, decreasing by 154.36 points or 0.59 percent, to close at 26,000.39. This movement was reflected in 28 advancing stocks and 35 that retreated.
Stock Performances
The standout performer of the day was Saudi Reinsurance Co., with its share price skyrocketing by 9.69 percent to reach SR28.30. Other notable performers included Mediterranean and Gulf Insurance and Reinsurance Co., and Salama Cooperative Insurance Co., whose share prices surged by 4.75 percent and 4.36 percent respectively.
On the flip side, Saudi Advanced Industries Co. took a hit as its share price dropped by 6.32 percent to SR41.50. National Medical Care Co. and Al-Babtain Power and Telecommunication Co. also experienced declines in their share prices.
Announcements and Market News
Emirates NBD Capital KSA made a significant announcement regarding the Al-Hokail Specialized Medical Digital Academy Complex. The company intends to offer just over 2 million ordinary shares, representing 29 percent of its total capital, for listing on the parallel market, Nomu.
The company received approvals for this listing, with the offering period starting on July 7 and ending on July 10. The final offering price will be determined after the order book-building period concludes, presenting an opportunity for investors to engage with this exciting new listing in the Saudi market.