Closing Bell: Saudi Main Index Closes In Green At 12,037, Trading Turnover At $1.53bn

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward movement for the third consecutive day on Tuesday, as it gained 35.58 points, or 0.30 percent, to close at 12,036.50. 

The total trading turnover of the benchmark index was SR5.75 billion ($1.53 billion), with 167 of the listed stocks advancing while 63 declined. 

The Kingdom’s parallel market Nomu, however, shed 37.70 points to close at 31,475.72, while the MSCI Tadawul Index gained 3.34 points to end trading at 1,509.31. 

The best-performing stock of the day was Riyad REIT Fund, as its share price surged by 6.42 percent to SR6.80. 

Other top gainers were Al-Babtain Power and Telecommunication Co. and Red Sea International Co., whose share prices rose by 4.84 percent and 4.59 percent to SR39 and SR61.50, respectively. 

The share price of Saudi Industrial Development Co. decreased by 4.36 percent to SR29.60. 

The best performer in Nomu was Natural Gas Distribution Co., whose share price increased by 9.74 percent to SR68.70.

The stock value of Purity for Information Technology Co. and Mohammed Hadi Al Rasheed and Partners Co. also rose by 7.69 percent and 6.50 percent to close at SR21 and SR100, respectively. 

The share price of Albattal Factory for Chemical Industries Co., which debuted in the parallel market on Tuesday, decreased by 3.17 percent to SR61. 

On the announcements front, Saudi Arabian Cooperative Insurance Co. said that its shareholders approved the recommendation to use part of the firm’s statutory reserve balance amounting to SR43.69 million to fully offset its accumulated losses. 

In a statement to Tadawul, the insurance company said that its accumulated losses totaled SR39.09 million by the end of the third quarter of this year, accounting for 13.03 percent of the firm’s capital. 

The stock value of Saudi Arabian Cooperative Insurance Co. dropped by 1.64 percent to SR15.64. 

ITMAM Consulting Co. has set the price range for its potential initial public offering on the Kingdom’s parallel market between SR13 and SR15 per share, its financial adviser Yaqeen Capital said in a statement. 

The statement added that the book-building process will begin on Jan. 5 and run through Jan. 12.