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Arab News
10-03-2025
- Business
- Arab News
Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities
RIYADH: Tadawul has approved Morgan Stanley Saudi Arabia to serve as a market maker for eight securities on the main trading platform and the parallel index, Nomu. The decision allows the financial services company to enhance market liquidity and improve price efficiency in accordance with regulations and procedures. Among the securities listed on the main index, the firm will act as a market maker for Arabian Internet and Communications Services Co., where it will ensure a minimum presence of orders at 80 percent, maintain a size of SR150,000 ($39,982), and adhere to a maximum spread of 0.65 percent, with the lowest value traded of 5 percent. Similarly, it will provide services for Electrical Industries Co., ensuring an 80 percent minimum presence of orders, a minimum size of SR75,000, a maximum spread of 0.65 percent, and a value traded of 5 percent. Elm Co. is also among the approved securities, with Morgan Stanley Saudi Arabia committing to the same trading obligations as Electrical Industries Co. Meanwhile, the Co. for Cooperative Insurance will have a minimum order presence of 80 percent, a minimum size of SR150,000, a maximum spread of 0.65 percent, and a value traded of 5 percent. On Nomu, Morgan Stanley Saudi Arabia was approved as a market maker for National Environmental Recycling Co., International Human Resources Co., Almuneef Co. for Trade, Industry, Agriculture, and Contracting, as well as Aqaseem Factory for Chemicals and Plastics Co. In each of these cases, it will ensure a minimum presence of orders at 50 percent, maintain a minimum size of SR50,000, and adhere to a maximum spread of five percent, with no minimum value traded requirement. Morgan Stanley Saudi Arabia's participation in market making is expected to contribute to greater liquidity and a more efficient trading environment, reinforcing the development of the country's capital market. In November, the investment bank was granted approval to establish its regional headquarters in the Kingdom, as the nation continues to attract international investment. This move aligns with Saudi Arabia's regional headquarters program, which offers businesses various incentives, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services. Morgan Stanley first entered the Saudi market in 2007, launching an equity trading business in Riyadh, followed by the establishment of an equity fund in 2009.
Arab News
17-02-2025
- Business
- Arab News
Closing Bell: Saudi benchmark index edges down to close at 12,266
RIYADH: Saudi Arabia's Tadawul All Share Index edged down on Monday, losing 105.61 points, or 0.85 percent, to close at 12,266.46. The total trading turnover of the benchmark index was SR5.4 billion ($1.2 billion), as 41 stocks advanced, while 201 retreated. The MSCI Tadawul Index also declined by 15.52 points, or 1.01 percent, to close at 1,521.64. The Kingdom's parallel market, Nomu, lost 92.37 points, or 0.29 percent, to close at 31,644.81. This comes as 30 stocks advanced while 52 retreated. Arabian Internet and Communications Services Co. emerged as the best-performing stock, with its share price surging by 4.82 percent to SR355. Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 3.90 percent to SR29.30, and Shatirah House Restaurant Co., which saw a 3.65 percent increase to SR23.26. Abdullah Saad Mohammed Abo Moati for Bookstores Co. rose 3.02 percent to SR42.70, while Jamjoom Pharmaceuticals Factory Co. gained 2.74 percent to SR164.80. Anaam International Holding Group saw the steepest decline of the day, with its share price easing 5.80 percent to close at SR24.68. Al Mawarid Manpower Co. fell 3.45 percent to SR134.20, while Al Majed Oud Co. dropped 3.28 percent to SR171.20. Middle East Healthcare Co. also faced a loss in today's session, with its share price dipping 2.99 percent to SR81.20, while Mutakamela Insurance Co. saw a 2.77 percent to settle at SR17.52. On the announcements front, Dar Al Arkan Real Estate Development Co. has fully redeemed its $600 million sukuk from its 2025 Series 6 Medium-Term Note program. In a bourse filing, the company confirmed that the sukuk was paid in full on its due date, with the principal amount transferred to the designated account. The sukuk, valued at $600 million, was originally issued on Oct. 15, 2019, with a trading end date of Feb. 15. Dar Al Arkan utilized its internal resources to meet the obligation, ensuring a smooth redemption process. HSBC Bank served as the transaction's paying agent and sukuk holders' agent. A total of 3,000 sukuk units, each with a par value of $200,000, were redeemed, representing 100 percent of the issued amount. Sukuk holders are scheduled to receive their respective amounts in their accounts on Feb. 17. The financial impact of the redemption will be reflected in the company's first-quarter 2025 results. Dar Al Arkan acknowledged the role of its investors and sukuk holders in the transaction, emphasizing their continued trust in the company, its board, and its executive management.
