Closing Bell: TASI rises 2.37% to close at 10,964
RIYADH: Saudi Arabia's Tadawul All Share Index rose 254.04 points, or 2.37 percent, to close at 10,964.28 on Tuesday.
Total trading turnover reached SR8.48 billion ($2.26 billion), with 248 stocks posting gains and five declining.
The Kingdom's parallel market Nomu also recorded an increase, gaining 492.72 points, or 1.87 percent, to settle at 26,850.79, as 73 stocks advanced and 22 retreated.
The MSCI Tadawul 30 Index, meanwhile, gained 29.06 points, or 2.11 percent, to finish at 1,406.69.
Red Sea International Co. was the best-performing stock of the session, with its share price rising 9.97 percent to SR42.45. Salama Cooperative Insurance Co. followed with a 9.92 percent increase to SR13.52.
Other gainers included Saudi Cable Co., which rose to a fresh year high on Tuesday, closing at SR147.20 with a 6.05 percent increase.
On the losing side, SABIC Agri-Nutrients Co. saw the steepest decline, falling 4.58 percent to SR104.2. Saudi Arabian Oil Co. dropped 1.62 percent to SR24.34, and Taleem REIT Fund declined 0.85 percent to SR9.30.
Dar Al Arkan Real Estate Development Co. announced its intention to issue a dollar-denominated, fixed-rate, Shariah-compliant sukuk under Regulation S, as it seeks to broaden its funding base and support general corporate purposes.
The Riyadh-based property developer has appointed a consortium of regional and international banks to act as joint lead managers and bookrunners for the issuance.
These include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Alkhair Capital, as well as Al Rayan Investment and Arqaam Capital. Other participants are Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, and First Abu Dhabi Bank.
The list also features J.P. Morgan, Mashreq, and Sharjah Islamic Bank, as well as Standard Chartered Bank, and Warba Bank.
The appointed banks will arrange a series of fixed income investor calls starting June 24, ahead of the planned sukuk offering in global capital markets.
The transaction remains subject to market conditions and regulatory approvals, including compliance with Financial Conduct Authority and International Capital Market Association stabilization rules.
The offering is classified as a benchmark senior unsecured sukuk under Regulation S, which allows for international placement with institutional investors. The value of the sukuk will be determined based on market conditions at the time of issuance.
According to the company's statement on Tadawul, the proceeds from the issuance will be used for general corporate purposes. The board of directors approved the sukuk issuance on May 29.
Dar Al Arkan's share price closed the session 2.70 percent higher to reach SR19.
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