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Arab News
10 hours ago
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 10,714
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Tuesday, as it shed 153.22 points or 1.41 percent to close at 10,713.82. The total trading turnover of the benchmark index was SR4.97 billion ($1.32 billion), with 20 of the listed stocks advancing and 228 declining. Saudi Arabia's parallel market Nomu also shed 214.39 points to close at 26,458.24. The MSCI Tadawul Index declined by 1.14 percent to 1,378.44. The best-performing stock on the main market was Saudi Research and Media Group. The company's share price increased by 6.88 percent to SR170.80. The share price of SABIC Agri-Nutrients Co. advanced by 4.82 percent to SR108.80. Zamil Industrial Investment Co. also saw its stock price climb by 4.71 percent to SR40. Conversely, the stock price of media giant MBC Group Co. dropped by 6.56 percent to SR33.45. On the announcements front, Tadawul, in a statement, said that shares of Saudi low-cost air carrier flynas will begin trading on the main market under the symbol 4264 from June 18. The daily and static fluctuation limits for the company's stocks will be set at 30 percent and 10 percent, respectively, during the first three days of trading. On June 17, Saudi National Bank announced the issuance of US dollar-denominated Tier 2 debt instruments through a special purpose vehicle, targeting qualified investors both inside and outside the Kingdom. The financial institution added that the final issuance value and offering terms will be determined based on market conditions, according to a Tadawul statement. The minimum subscription value is $200,000, with a 10-year maturity period. The debt instruments will be listed on the London Stock Exchange's International Securities Market. The share price of SNB edged up by 0.58 percent to SR34.50. Advance International Co. for Communication and Information Technology announced that it completed the offering and subscription of SR-denominated Murabaha sukuk valued at SR6 million. Murabaha sukuk is a financial instrument based on Islamic finance principles, offering an interest-free investment option. In a Tadawul statement, AICTEC said that the offering aims to strengthen the company's working capital as well as support capital expansions. The stock price of AICTEC rose by 3.57 percent to SR2.90.
Arab News
2 days ago
- Business
- Arab News
Closing Bell: Saudi main index retreats to 10,731.59
RIYADH: Saudi Arabia's Tadawul All Share Index fell on Sunday, declining 109.35 points, or 1.01 percent, to close at 10,731.59. Trading turnover reached SR5.15 billion ($1.37 billion), with only 25 stocks advancing while 233 declined. The parallel market, Nomu, also ended the session in negative territory, losing 393.70 points, or 1.47 percent, to settle at 26,404.44. A total of 24 stocks rose while 70 registered losses. The MSCI Tadawul Index dropped 11.64 points, or 0.84 percent, closing at 1,380.40. Saudi Research and Media Group led the day's gainers, with its share price climbing 9.89 percent to SR155.60. Dr. Sulaiman Al Habib Medical Services Group rose 3.82 percent to SR261, and Jazan Development and Investment Co. advanced 3.32 percent to SR10.28. On the losing side, MBC Group Co. posted the steepest decline, falling 9.99 percent to SR36.95. Modern Mills for Food Products Co. slipped 6.66 percent to SR30.85, while Wafrah for Industry and Development Co. dropped 6.27 percent to SR26.15. On the announcements front, Tabuk Agricultural Development Co. signed an agreement with the National Electricity Transmission Co., a subsidiary of Saudi Electricity Co., under the Kingdom's Liquid Displacement Program. The project aims to cut emissions by replacing liquid fuels used in power generation at the company's facilities with electricity, while improving operational reliability without imposing significant financial burdens. Separately, Professional Medical Expertise Co., also known as ProMedEx, signed a memorandum of understanding with Zhende Medical Co., Ltd and MedSurg FZ-LLC to establish a joint manufacturing venture in Saudi Arabia. The facility will produce medical supplies tailored to the domestic market and the wider region. Under the agreement, Zhende Medical will hold a 51 percent stake in the new entity, ProMedEx will own 35 percent, and MedSurg will hold the remaining 14 percent. Capital details will be disclosed at a later stage.
