Closing Bell: Saudi Main Index Closes in Red at 10,619

RIYADH: Saudi Arabia’s benchmark Tadawul All Share Index closed lower on Wednesday, slipping 48.34 points, or 0.45 percent, to 10,619.10.

Total trading turnover for the day stood at SR3.33 billion ($886.3 million), with 136 stocks advancing and 110 declining.

The parallel market Nomu gained 0.12 percent, or 30.65 points, to close at 25,673.03, while the MSCI Tadawul Index fell 7.87 points to 1,375.55.

The session’s top performer was Thimar Development Holding Co., which rose 9.99 percent to SR42.92. Red Sea International Co. gained 4.94 percent to SR44.60, and Umm Al Qura for Development and Construction Co. climbed 2.80 percent to SR23.15.

On the downside, Marketing Home Group for Trading Co. fell 3.84 percent to SR77.7, while Riyad REIT Fund dropped 3.51 percent to SR5.23.

In corporate announcements, Al-Rajhi Co. for Cooperative Insurance, known as Al Rajhi Takaful, announced the completion of its share repurchase program under its Employee Stock Incentive Plan.

The buyback, approved by shareholders on June 3 and disclosed the following day, involved the purchase of 300,000 shares with a total value of SR35.7 million, at an average price of SR119 per share.

Shares of Al Rajhi Takaful slipped 1.37 percent to SR115.40.

ADES Holding Co. said it signed a multi-year contract extension with QatarEnergy for its jackup rig Aquamarine Driller, in a deal valued at about SR808 million.

The contract, signed on Sept. 2, includes a firm four-year term with options for three additional one-year extensions. The financial impact is effective immediately.

Shares of ADES fell 0.20 percent to SR15.02.

Arab National Bank announced the completion of a $750 million US dollar-denominated additional Tier 1 capital sustainable sukuk under its international program.

The issuance, offered to eligible investors in Saudi Arabia and abroad, will settle on Sept. 9. The offering comprises 3,750 sukuk, each with a par value of $200,000, paying a 6.4 percent annual fixed return. The perpetual sukuk are callable after five years.

Arab National Bank’s shares declined 2.75 percent to SR22.30.