Closing Bell: Saudi Main Index Edges Up to 10,949

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Tuesday as it gained 3.12 points, or 0.03 percent, to close at 10,949.38.

The total trading turnover of the benchmark index stood at SR8.53 billion ($2.27 billion), with 112 of the listed stocks advancing and 145 declining.

The Kingdom’s parallel market Nomu declined by 1.06 percent to close at 22,492.47.

The MSCI Tadawul Index marginally dropped by 0.05 percent to 1,479.24.

The best-performing stock on the main market was Bawan Co., as its share price increased by 9.97 percent to SR45.90.

The share price of Middle East Specialized Cables Co. rose by 7.25 percent to SR21.60.

Arabian Pipes Co. also saw its share price climb by 7.10 percent to SR5.13, after it announced the signing of two contracts worth a combined SR241 million to manufacture and supply steel pipes for Aramco. 

Conversely, the share price of Almasane Alkobra Mining Co. declined by 7.38 percent to SR87.20.

On the announcements front, National Gas and Industrialization Co., also known as GASCO, said that it signed an equity interest purchase agreement with the owner of JACKO Gases to acquire a 50 percent stake in the limited liability company, following the completion of a 100 percent capital increase.

Under the terms of the agreement, JACKO was valued at SR125 million, on a pre-acquisition basis, following the completion of all valuation procedures, GASCO said in a Tadawul statement.

According to the agreement, GASCO will inject SR125 million into JACKO in exchange for the new shares.

The full investment amount will be utilized to finance expansion plans, support the growth of JACKO’s operations, and strengthen its operational position.

The share price of GASCO, however, declined by 2.56 percent to SR76.

WAJA Co., listed on the parallel market, announced that it signed a contract valued at SR10.3 million with Amaala Co. to supply and install furniture and fittings for residential apartments.

In a Tadawul statement, WAJA Co. said that the duration of the contract is three months, while the impact of the deal will be visible on the company’s financial results in the second quarter of this year