Closing Bell: Saudi Main Index Rises To Close at 10,925

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 14.11 points, or 0.13 percent, to close at 10,925.69. 

The total trading turnover on the benchmark index was SR3.7 billion ($989 million), as 123 stocks advanced and 130 retreated. 

The Kingdom’s parallel market Nomu lost 10.37 points, or 0.05 percent, to close at 21,573.18. A total of 29 stocks advanced, while 33 retreated. 

The MSCI Tadawul Index gained 0.88 points, or 0.06 percent, to close at 1,468.39. 

Top gainers, losers

The best-performing stock of the day was AFG International Co., whose share price surged 9.96 percent to SR16.89.  

Other top performers included Methanol Chemicals Co., whose share price rose 7.74 percent to SR32.58, and Tabuk Agricultural Development Co., whose share price surged 4.56 percent to SR9.41. 

Almasane Alkobra Mining Co. recorded the most significant drop, falling 4.35 percent to SR80.30. 

The Power and Water Utility Co. for Jubail and Yanbu also saw its share price fall 3.57 percent to SR41. 

Saudi Aramco Base Oil Co. also saw its share price decline 2.55 percent to SR134. 

Top announcements 

Arabica Star Co. announced that it had secured SR15 million in Shariah-compliant financing from Saudi National Bank for a five-year term. 

The financing will be used to fund the company’s investment plans and support working capital and operational activities. It will also help enhance operational efficiency and expand the business. 

The company plans to use the financing to pursue investment opportunities and acquisitions, as well as support other commercial or operational needs aligned with its strategic objectives. 

Arabian Centers Co., or Cenomi Centers, has announced the signing of a Development Services Agreement with Saudi Downtown, a Public Investment Fund company within the Urban Development & Livability ecosystem, to provide development services for the retail and shopping mall components of the Al Madinah Downtown Project. 

According to a Tadawul statement, Cenomi Centers will manage and oversee the development, design, procurement and execution phases of the project until completion.

The agreement has a term of three years and may be extended for an additional two years if both parties mutually agree. 

Cenomi Centers ended the session flat at SR15.96.