Saudi Stock Market Shows Signs of Growth
In a positive turn of events, Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 7.23 points or 0.06 percent to close at 11,560.39. The market saw a total trading turnover of SR6.45 billion ($1.72 billion) with 70 stocks advancing and 155 retreating.
MSCI Tadawul Index and Nomu Market also on the Rise
Similarly, the MSCI Tadawul Index surged by 4.65 points, or 0.32 percent, to close at 1,450.46. The Kingdom’s parallel market, Nomu, also saw an increase of 304.90 points or 1.18 percent, closing at 26,230.43 with 36 advancing stocks and 26 declining.
Standout Performers and New Entrants
The best-performing stock of the day was Miahona Co., with a share price surge of 29.91 percent to SR14.94. The company, which debuted on the Saudi main market, is a pioneer in water and wastewater infrastructure development under the public-private partnership model in the Kingdom.
Other top performers included Saudi Cement Co. and Taiba Investments Co., with their share prices soaring by 3.82 percent and 2.71 percent, respectively. On the flip side, Saudi Cable Co. witnessed a 7.87 percent drop in its share price.
Alkhorayef Water and Power Technologies Co. as well as Etihad Atheeb Telecommunication Co. faced setbacks, with their share prices dropping by 7.62 percent and 4.83 percent, respectively.