Closing Bell: Saudi Main Index Edges Lower To Close at 10,543

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 47.88 points, or 0.45 percent, to close at 10,543. 

Total trading turnover of the benchmark index was SR3.64 billion ($971.9 million), as 103 stocks advanced, while 154 retreated. 

The MSCI Tadawul Index also decreased, down 6.30 points, or 0.45 percent, to close at 1,382.38. 

The Kingdom’s parallel market, Nomu, gained 91.69 points, or 0.38 percent, to close at 23,994.65. 

This comes as 30 stocks advanced, while 49 retreated. 

The best-performing stock was Alistithmar AREIC Diversified REIT Fund, with its share price surging by 3.55 percent to SR7.30. 

Other top performers included Saudi Research and Media Group, which rose 3.21 percent to SR148, and Rasan Information Technology Co., which gained 3.10 percent to SR119.90. 

The session’s biggest decline came from Saudi Industrial Development Co., with its share price easing 8.32 percent to SR13.22. 

AlJazira REIT and Cherry Trading Co. also saw declines, with AlJazira REIT down 5.78 percent to SR12.06 and Cherry Trading Co. falling 5.71 percent to SR26.40. 

On the announcements front, Specialized Medical Co. said it plans to establish the Al Wadi Real Estate Fund, a Shariah-compliant, closed-ended investment vehicle. 

Under the proposed structure, SMC will contribute a land parcel as an in-kind investment, receiving an equity stake in the fund in return. 

According to a Tadawul statement, the fund will be managed by Bank of London and The Middle East and will focus on developing either a five-star hotel or a healthcare facility on the asset. Final details are pending the completion of appraisal and structuring work. 

SMC’s board of directors has authorized its CEO to advance the formation process, with further material updates to be communicated in due course.

SMC shares traded 0.05 percent higher on the main market during Monday’s session, closing at SR18.52.