Closing Bell: Saudi Main Index Rises To Close at 10,818

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 10.55 points, or 0.10 percent, to close at 10,818.98.

The total trading turnover of the benchmark index reached SR2.20 billion ($587 million), with 135 stocks advancing and 117 declining.

The Kingdom’s parallel market Nomu fell 176.78 points, or 0.78 percent, to close at 22,554.84, with 20 stocks advancing and 41 declining.

The MSCI Tadawul Index gained 1.02 points, or 0.07 percent, to close at 1,441.39.

The best-performing stock of the day was LIVA Insurance Co., whose share price surged 9.93 percent to SR14.61.

Other top performers included Saudi Printing and Packaging Co., whose share price rose 9.91 percent to SR7.21, followed by Saudi Industrial Export Co., whose share price surged 8.89 percent to SR2.45.

Saudi Fisheries Co. recorded the steepest decline, falling 4.76 percent to SR70.

Saudi Arabia Refineries Co. fell 4.08 percent to SR50.60.

East Pipes Integrated Co. for Industry declined 3.96 percent to SR218.

On the corporate front, Mohammed Hadi Al-Rasheed & Partners signed a SR92.5 million share purchase agreement to acquire a 50 percent stake in Taif Shipping Co. 

According to a Tadawul statement, the acquisition is expected to support the company’s strategy to secure its supply chain. 

The acquisition will be financed through the company’s own resources and available financing facilities.

Mohammed Hadi Al-Rasheed & Partners closed at SR62, down 0.81 percent.

Separately, SAL Saudi Logistics Services, through its Ground Handling Division, signed a renewable annual agreement with SF Airlines Co. Ltd., one of China’s leading cargo airlines, to provide integrated air cargo ground-handling services.

A bourse filing said the agreement has no fixed value, with services to be provided on demand at prices specified in the contract.

SAL Saudi Logistics Services closed at SR173.80, up 1.15 percent.