Closing Bell: Saudi Benchmark Index Sheds 1.44%

RIYADH: Saudi Arabia’s Tadawul All Share Index closed sharply lower on Monday, shedding 159.05 points, or 1.44 percent, to end at 10,851.76.  

Total trading turnover stood at SR7.29 billion ($1.94 billion), with 236.2 million shares traded. A total of 70 stocks advanced, while 182 declined.  

The MT30 Index, which tracks the top 30 companies by market capitalization, dropped 23.46 points, or 1.63 percent, to 1,415.52. Meanwhile, the Nomu parallel market dipped 28.75 points, or 0.12 percent, to close at 24,101.29, with 36 gainers and 42 losers.  

Miahona Co. led the gainers, rising 5.58 percent to SR21.75, followed by Dr. Soliman Abdel Kader Fakeeh Hospital Co., which gained 3.67 percent to SR38.98.   

Takween Advanced Industries Co. added 3.15 percent to SR6.54, while Modern Mills for Food Products Co. advanced 2.80 percent to SR33.80 and Middle East Pharmaceutical Industries Co. gained 2.80 percent to close at SR124.70. 

On the losing side, Nahdi Medical Co. saw the steepest decline, falling 7.8 percent to SR100.50. Alandalus Property Co. dropped 7.38 percent to SR17.69, while Advanced Building Industries Co. fell 6.59 percent to SR35.18.   

Al-Rajhi Company for Cooperative Insurance decreased 6 percent to SR95.60, and Canadian Medical Center Co. slipped 4.64 percent to SR7.60.  

On the announcements front, Al Taiseer Group Talco Industrial Co. said it has signed a preliminary, non-binding memorandum of understanding with Eastern Aluminum Extrusion Factory for a potential acquisition. 

The MoU, effective for nine months, outlines the framework for feasibility, financial and legal due diligence, and confidentiality terms. 

  

TALCO stated that the financial impact will be determined after the completion of studies and a final agreement. Shares of TALCO fell 0.36 percent to close at SR38.46.  

In addition, Arabian Centers Co. said it has begun the offering of US dollar-denominated Shariah-compliant sukuk, managed by a consortium of international and regional banks, including Abu Dhabi Commercial Bank, Citi, Goldman Sachs International, and Dubai Islamic Bank.   

The five-year sukuk issuance will target institutional investors, with proceeds determined based on market conditions. Shares of Cenomi Centers closed 1.74 percent lower at SR19.80.  

Meanwhile, Zahrat Al Waha for Trading Co. announced the renewal of its SR110 million Shariah-compliant credit facilities with Arab National Bank, aimed at financing the purchase of raw materials.   

The company noted that the value of its facilities was reduced from SR145 million as part of a self-financing approach to capital management. Shares of Zahrat Al Waha dropped 3.70 percent to SR2.34.