Closing Bell: Saudi Main Index Closes in Red at 10,715

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped on Tuesday, losing 86.10 points, or 0.80 percent, to close at 10,715.61.

The total trading turnover of the benchmark index was SR4.46 billion ($1.18 billion), as 73 of the listed stocks advanced, while 184 retreated.

The MSCI Tadawul Index also decreased, down 12.76 points or 0.89 percent to close at 1,424.85.

The Kingdom’s parallel market Nomu lost 0.68 points to close at 22,538.91. This comes as 24 of the listed stocks advanced, while 39 retreated.

TASI risers and fallers 

The best-performing stock was Red Sea International Co., with its share price surging by 9.96 percent to SR27.28.

Other top performers included Arabian Co. for Agricultural and Industrial Investment, which saw its share price rise by 9.95 percent to SR28.96, and Saudi Real Estate Co., which saw an 8.45 percent increase to SR17.07.

On the downside, the worst performer of the day was MBC Group Co., whose share price fell by 4.35 percent to SR21.10.

Banque Saudi Fransi and Umm Al Qura for Development and Construction Co. also saw declines, with their shares dropping by 3.85 percent and 3.77 percent to SR19 and SR17.10, respectively.

Stock market annoucements

Professional Medical Expertise Co. announced that it has signed a joint venture agreement with Beijing Synapsor Artificial Intelligence Co.

 to establish a joint venture company in Saudi Arabia to be named PMX Syai Arabia Co.

According to a bourse filing, the new entity, with a registered capital of SR1 million split 80 percent to ProMedEx and 20 percent to its Chinese partner, will establish a manufacturing facility for single-use medical products and consumables.

The project, with an estimated total cost of SR35 million to be deployed in stages, is expected to begin construction on Aug. 23 following approval of the relevant plans, with completion targeted for May 2027. Trial production is expected to start in June 2027 and run for approximately two months, ahead of commercial production targeted for around August 2027, the statement said.

It noted that the joint venture will commence operations only upon obtaining the necessary licenses and regulatory approvals, and that there is no immediate material financial impact on ProMedEx’s financial statements as a result of signing the agreement, with any impact expected to begin appearing toward the end of the 2027 financial year.

Shares of PRO MEDEX were trading up 1.6 percent following the announcement.