Closing Bell: Saudi Main Index Rises To Close At 11,986
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 23.7 points, or 0.2 percent, to close at 11,986.
The total trading turnover of the benchmark index was SR7.18 billion ($1.94 billion), as 143 of the stocks advanced and 80 retreated.
The Kingdom’s parallel market Nomu rose 104.79 points, or 0.42 percent, to close at 25,600.58. This comes as 32 of the listed stocks advanced, while 31 retreated.
The MSCI Tadawul Index gained 2.0 points, or 0.12 percent, to close at 1,492.12.
The best-performing stock of the day was Saudi Enaya Cooperative Insurance Co., whose share price surged 9.94 percent to SR17.92.
Other top performers were Amana Cooperative Insurance Co. as well as Saudi Industrial Development Co., with their share prices rising 9.85 percent and 5.96 percent, respectively.
The worst performer was Tourism Enterprise Co., whose share price dropped by 4.21 percent to SR0.91.
Other worst performers were Saudi Fisheries Co. and Miahona Co., with their share prices slipping 4.14 percent and 4.00 percent to reach SR26.6 and SR30, respectively.
The best performer in the parallel market was Leaf Global Environmental Services Co., whose share price surged 18.88 percent to SR85.
Other top performers in Nomu were Fad International Co. as well as Qomel Co., with their share prices rising 5.59 percent and 5.5 percent, respectively.
The worst performer was Banan Real Estate Co., whose share price dropped by 6.18 percent to SR5.16.
Other worst performers were Enma Al Rawabi Co. and Al Rashid Industrial Co., with their share prices dropping 4.9 percent and 4.37 percent, respectively.
On the announcement front, the Capital Market Authority approved the public offering of Jadwa Investment Co. for its “Jadwa Saudi Equity Fund II.”
Jadwa Investment is a prominent Saudi asset management and advisory firm established in 2006.
Known for its focus on Shariah-compliant investments, the company manages a diverse portfolio that spans private equity, real estate, and public markets.
This move marks another step in the expansion of the Kingdom’s equity fund landscape, which has been gaining momentum as the nation seeks to diversify its economy away from oil dependency.
This follows a series of reforms aimed at modernizing the financial ecosystem, including presenting more sophisticated investment products and the gradual liberalization of the stock market.
A central part of this modernization effort includes the introduction of exchange-traded funds, real estate investment trusts, and various Shariah-compliant financial instruments that cater to the growing demand for diverse investment options.
These reforms also encompass improvements in transparency, governance, and investor protection. The CMA has implemented stricter disclosure requirements and corporate governance standards, ensuring that companies listed on Tadawul adhere to global best practices.
Startup Wrap – Saudi VCs Pour Capital Into Ventures Through Strategic Investments
RIYADH: Saudi venture capital firms are fueling regional innovation through substantial investments and new initiatives.... Read more
Oil Updates – Crude Gains More Than $1/bbl On Reports Iran Preparing Strike On Israel
SINGAPORE: Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical te... Read more
Saudi Arabias Wafi Energy Becomes Majority Shareholder In Shell Pakistan
ISLAMABAD: Wafi Energy Holding has become the majority shareholder of Shell Pakistan after Shell Petroleum Co., a subs... Read more
Saudi Banks Credit Card Loans Surge 14%, Reach A Record High Of $8.07bn
RIYADH: Credit card loans by Saudi banks hit a record high of SR30.27 billion ($8.07 billion) in the third quarter of 20... Read more
Oil Extends Gains On Reports Iran Preparing To Strike At Israel
SINGAPORE: Oil prices extended gains in early Asian trade on Friday, following reports that Iran was preparing a retalia... Read more
Red Sea Global Secures $1.5bn For AMAALA Infrastructure project
JEDDAH: Red Sea Global has announced the financial closing of a multi-utility infrastructure development project for the... Read more