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Closing Bell: Saudi Main Index Slips To Close at 11,104

Closing Bell: Saudi Main Index Slips To Close at 11,104

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 50.39 points, or 0.45 percent, to close at 11,104.15. 

The total trading turnover of the benchmark index was SR4.04 billion ($1.07 billion) as 85 of the stocks advanced, while 129 retreated.  

On the other hand, the Kingdom’s parallel market, Nomu, also slipped 16.60 points, or 0.07 percent, to close at 22,791.81. This comes as 22 of the listed stocks advanced, while as many as 24 retreated. 

Similarly, the MSCI Tadawul Index also dropped 6.71 points, or 0.47 percent, to close at 1,429.22. 

Meanwhile, the Saudi exchange has made a significant stride in advancing the Kingdom’s capital market by introducing the new Tadawul Size Indices and the Initial Public Offering Index, effective Sunday. 

These indices, comprising the Tadawul Large Cap, Tadawul Medium Cap, Tadawul Small Cap, and Tadawul IPO Index, reflect a milestone in the market’s evolution. 

The best-performing stock of the day was Fawaz Abdulaziz Alhokair Co. The company’s share price surged 7.19 percent to SR21.18. 

Other top performers include Al-Baha Investment and Development Co. as well as Filing and Packing Materials Manufacturing Co., whose share prices soared by 6.67 percent and 6.28 percent, to stand at SR0.16 and SR51.60, respectively. 

The worst performer was Riyadh Cables Group Co as its share price dropped by 5.77 percent to SR66.90.  

Other poor performers were Alujain Corp. as well as Malath Cooperative Insurance Co., whose share prices dropped by 5.61 percent and 3.49 percent to stand at SR45.45 and SR21.00, respectively. 

Meanwhile, Jahez International Co. for Information System Technology has made an announcement regarding the board of directors’ intention to recommend the purchase of its own shares to the extraordinary general assembly. 

As per a Tadawul statement, the proposed maximum number of shares for repurchase is 293,770, with the intention of keeping them as treasury shares. This decision is driven by the board of directors’ observation that the market share price is currently below its fair value. 

The filing on the stock exchange also revealed that the acquisition of these shares will be financed through the company’s internal resources or bank facilities.