Saudi Stock Market Experiences Mixed Results
In Riyadh, Saudi Arabia’s Tadawul All Share Index took a slight dip on Monday, losing 20.97 points or 0.18 percent to close at 11,658.53.
Trading turnover for the benchmark index reached SR7.32 billion ($1.95 billion), with 93 stocks advancing and 130 retreating.
Market Movements
Meanwhile, the MSCI Tadawul Index also saw a decrease, dropping by 4.14 points or 0.28 percent to close at 1,457.45. On the other hand, the Kingdom’s Nomu market saw an increase of 172.13 points or 0.66 percent, closing at 26,317.89, with 31 stocks advancing and 34 retreating.
Top Performers and Underperformers
The standout stock of the day was Saudi Steel Pipe Co., witnessing a significant surge of 9.97 percent to SR71.70. Other notable performers included Al Taiseer Group Talco Industrial Co. and East Pipes Integrated Co. for Industry, with their share prices rising by 8.85 percent and 7.21 percent, respectively.
On the flip side, the worst performer was SEDCO Capital REIT Fund, with its share price dropping by 4.29 percent. Mobile Telecommunication Co. Saudi Arabia and Walaa Cooperative Insurance Co. also experienced declines in their share prices.
Market Announcements
In other news, the Capital Market Authority Board approved United International Holding Co.’s application for the registration and offering of 7.5 million shares, representing 30 percent of the company’s share capital. The prospectus for the offering will be published before the subscription period begins, providing investors with crucial information about the company’s financials, activities, and management.
CMA emphasized the importance of thoroughly reviewing the prospectus to understand the risks involved in the investment decision.