Closing Bell: Saudi Main Index Rises To Close at 11,231

JEDDAH: Saudi Arabia’s Tadawul All Share Index advanced on Tuesday, gaining 57.48 points, or 0.51 percent, to close at 11,231.61. 

Total trading turnover on the benchmark index reached more than SR6.10 billion ($1.63 billion), with 121 stocks advancing and 129 declining, as more than 303.85 million shares were traded. 

The Kingdom’s parallel market Nomu fell 23.35 points, or 0.11 percent, to close at 21,622.39, while the MSCI Tadawul Index rose 7.59 points, or 0.50 percent, to close at 1,512.92. 

Market movers 

The main market’s top performer was Al Kathiri Holding Co., whose share price increased 9.48 percent to end the session at SR1.27.

 Morabaha Marina Financing Co. rose 6.72 percent to close at SR8.57, while Saudi Printing and Packaging Co. gained 6.66 percent to end the session at SR8.49. 

AFG International Co. fell 3.52 percent to end the session at SR17.80, while Al Yamamah Steel Industries Co. decreased 2.61 percent to close at SR37.36. 

Corporate disclosures 

Saudi Exchange Co. announced that it has approved Morgan Stanley Saudi Arabia’s application to conduct market-making activities on Sadr Logistics Co., effective Aug. 26. 

Under the approved market-making obligations, Morgan Stanley Saudi Arabia will maintain orders in the stock for at least 50 percent of the trading session, with a minimum order size of 75,000 and a maximum spread of 2 percent. 

There is no minimum value-traded requirement for the market-making activity, according to the Saudi Exchange. 

SAL Saudi Logistics Services Co., which decreased 1.92 percent to close at SR168.80, said its subsidiary, SAL Zones Co., secured a SR2.5 billion Shariah-compliant credit facility from Saudi Awwal Bank to finance capital and operating expenditures for the development of its logistics zones in the Kingdom, according to a Tadawul filing. 

The facility has a 15-year tenor and is backed by a corporate guarantee from SAL, along with promissory notes. 

The National Agricultural Development Co., or NADEC, which increased 2.39 percent to close at SR15, said it has signed a binding asset purchase agreement with Pure Harvest Smart Agricultural Farms to acquire the assets of a six-hectare high-tech greenhouse facility at its Haradh premises for SR85 million. 

NADEC said the acquisition will be financed through a combination of internal resources and commercial bank financing, with handover targeted for the fourth quarter of 2026 and operations expected to begin in the first quarter of 2027. 

Arabian Star Co., whose share price remained unchanged at SR25.50, said it has renewed a Shariah-compliant banking facilities agreement with Al Rajhi Bank worth SR5 million ($1.33 million) for six months. The company said the financing will be used to support the working capital cycle of its operations.