Saudi Stock Market Continues to Rise
In a positive trend, Saudi Arabia’s Tadawul All Share Index saw a second consecutive day of gains, climbing 53.58 points or 0.43 percent to close at 12,746.59.
Market Activity
The benchmark index had a total trading turnover of SR7.60 billion ($2.03 billion), with 82 stocks advancing and 135 declining. However, Saudi Arabia’s parallel market Nomu saw a decrease of 36.16 points, closing at 26,144.87. The MSCI Tadawul Index also experienced a gain of 12.51 points, reaching 1,589.
Top Performers
The standout stock of the day was Saudi Basic Industries Corp, with a 5.46 point increase in share price to SR83. Other notable performers were Saudi Chemical Co. and Middle East Pharmaceutical Co., whose share prices rose by 5.42 percent and 4.90 percent respectively. On the flip side, Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, saw a 9.99 percent decrease in share price to close at SR13.34.
Announcements and Market Growth
Tadawul disclosed that the main index closed at 12,401.56 points by the end of the first quarter, reflecting a 17.11 percent rise compared to the same period in 2023. Total equity market capitalization reached SR10.93 trillion, up by 9.56 percent from the previous year. Additionally, the total value of shares traded in the first quarter soared to SR575.89 billion, a 113.52 percent increase from the same period in 2023. The number of transactions executed during the first quarter also rose to 35.02 million.
In a noteworthy achievement, Nomu was ranked second in the Gulf region with a 6.12 percent increase in total gains, trailing behind the Kuwait bourse as reported by Al Ekhbariya.