Closing Bell: Saudi Arabia’s Main Index Declines To Close at 10,840

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Thursday, falling 164.08 points, or 1.49 percent, to end the session at 10,840.94.

Trading turnover on the main index reached SR5.34 billion ($1.42 billion), with only 14 stocks recording gains while 238 declined.

The Kingdom’s parallel market, Nomu, also saw a downturn, losing 425.57 points, or 1.56 percent, to close at 26,798.14.

 A total of 28 stocks advanced while 63 retreated. The MSCI Tadawul 30 Index slipped 13.42 points, or 0.95 percent, to finish at 1,392.04.

SEDCO Capital REIT Fund emerged as the session’s best performer, with its share price rising 0.88 percent to SR6.85. Fawaz Abdulaziz Alhokair Co. followed with a 0.71 percent gain to SR19.84, while Tihama Advertising and Public Relations Co. rose 0.67 percent to SR15.10.

On the downside, Al-Omran Industrial Trading Co. recorded the steepest loss, falling 9.15 percent to SR26.30. AYYAN Investment Co.

 dropped 7.35 percent to SR12.60, and Al Taiseer Group Talco Industrial Co. declined 7.26 percent to SR40.85.

On the announcements front, the Saudi National Bank announced plans to issue US dollar-denominated notes under its Euro Medium-Term Note Program.

According to a Tadawul filing, the issuance will be conducted through a special purpose vehicle and will be offered to eligible investors in Saudi Arabia and globally.

The bank has appointed Abu Dhabi Commercial Bank PJSC, DBS Bank Ltd., Emirates NBD Bank P.J.S.C., Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank psc, and Mizuho International plc as joint lead managers and book-runners.

SNB Capital Co., SMBC Bank International plc, and Standard Chartered were also mandated. 

The proceeds from the offering will be used to enhance Tier 2 capital, support general corporate purposes, and advance SNB’s strategic goals.

Final terms of the issuance will be determined based on market conditions. SNB shares edged up 0.14 percent to close at SR34.70.

Meanwhile, Yaqeen Capital Co. announced it has deposited proceeds from the sale of fractional shares following a recent capital increase.

 A total of 308 shares were sold, generating SR3,451.76, with an average price of SR11.23 per share. The proceeds have been distributed to eligible shareholders via their investment-linked accounts.