Closing Bell: Saudi Benchmark Sheds 119 Points to 11,039

RIYADH: Saudi Arabia’s benchmark Tadawul All Share Index fell 119.22 points, or 1.07 percent, on Tuesday to close at 11,039.23. 

The MT30 index declined 15.57 points, or 1.04 percent, to 1,477.37, while the parallel market Nomu advanced 159.48 points, or 0.70 percent, to 22,794.54. 

Trading turnover on the main market reached 289.36 million shares, with a total value of SR6.65 billion ($1.77 billion). A total of 57 stocks advanced, while 203 retreated. 

Saudi Real Estate Co. rose 6.27 percent to SR15.42. Middle East Specialized Cables Co. advanced 5.97 percent to SR34.44, while Al Masar Al Shamil Education Co. gained 5.56 percent to SR21.63. East Pipes Integrated Co. for Industry increased 3.89 percent to SR195, and Rabigh Refining and Petrochemical Co. climbed 3.66 percent to SR15.30. 

On the losing side, Saudi Automotive Services Co. declined 9.98 percent to SR44.94. Saleh Abdulaziz Al Rashed and Sons Co. fell 9.92 percent to SR53.55, while Obeikan Glass Co. dropped 8.93 percent to SR23.97. Acwa lost 8.90 percent to SR182.10, and Raydan Food Co. decreased 8.57 percent to SR14.72. 

The Saudi Exchange announced that fluctuation limits for Knowledge Net Co. and Middle East Pharmaceutical Industries Co. would be based on adjusted share prices of SR10.99 and SR58.85, respectively, following shareholder approval of capital increases through bonus share distributions. 

The exchange stated that outstanding orders for both companies would be canceled, while the Securities Depository Center is scheduled to deposit the bonus shares into investors’ portfolios by May 14. 

In a separate announcement, the Capital Market Authority said Standard Chartered Capital Saudi Arabia Co. has completed the requirements to commence managing investments and operating fund activities in the securities business. 

The CMA stated that the approval was granted in accordance with the Capital Market Law and its implementing regulations, following the completion of regulatory and operational requirements.