Closing Bell: Saudi main index closes in red at 10,990
The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining.
The Kingdom's parallel market Nomu also dropped 123.20 points to close at 26,809.75.
The MSCI Tadawul Index declined by 0.70 percent to 1,403.80.
The best-performing stock on the main market was Saudi Reinsurance Co. The firm's share price soared by 9.31 percent to SR50.50.
The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124.
Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20.
Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80.
On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform.
In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal.
MIS added that the contract is expected to have an impact on the company's financial results starting from the third quarter of this year.
The share price of MIS rose by 1.66 percent to SR134.80.
Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha.
Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters.
The new contract is in line with Al Kathiri Holding's strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement.
Al Kathiri Holding Co.'s share price was unchanged at SR2.08 by the end of Thursday's trading.
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