Closing Bell: Saudi Main Index Slips To Close at 11,464

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 89.62 points, or 0.78 percent, to close at 11,464.54. 

The total trading turnover of the benchmark index was SR4.92 billion ($1.31 billion), as 89 stocks advanced while 172 declined. 

Similarly, the Kingdom’s parallel market Nomu declined by 206.83 points, or 0.89 percent, to close at 23,068.79, with 36 stocks advancing and 38 declining. 

The MSCI Tadawul Index declined by 13.88 points, or 0.89 percent, to close at 1,541.36. 

The best-performing stock of the day was Nice One Beauty Digital Marketing Co., whose share price rose 6.31 percent to SR15. 

Other top performers included Sport Clubs Co., whose share price increased 5.45 percent to SR7.54, as well as Lumi Rental Co., whose share price rose 5.26 percent to SR40. 

Arabian Co. for Agricultural and Industrial Investment recorded the steepest decline, falling 6.07 percent to SR26.30. 

East Pipes Integrated Co. for Industry also saw its share price fall 3.37 percent to SR180.40. 

Saudi Energy Co. also saw its share price decline 2.95 percent to SR17.12. 

On the announcement front, Saudi Energy Co. said it signed an SR11.5 billion power purchase agreement with the Saudi Power Procurement Co. for a large-scale combined-cycle gas turbine power plant, namely the Rabigh 2 IPP Expansion Project. According to a Tadawul statement, the project is located in Makkah province, with a production capacity of 2,313.5 megawatts and readiness for carbon capture units. The financial impact will be announced once the project achieves financial close. 

Edarat Communication and Information Technology Co. announced that it has received a purchase order from Etihad Salam Telecom Co. to provide colocation services worth SR7.6 billion. A bourse filing revealed that the financial impact of the one-year contract is expected to be reflected in the company’s financial results during the contract period. 

Edarat ended the session at SR38, down 2.06 percent. 

Wataniya Insurance Co. announced that it has maintained its Insurer Financial Strength Rating of “A-” from Fitch Ratings. According to a Tadawul statement, Fitch has also affirmed Wataniya’s National IFS Rating at “AA.” The outlooks are stable for both ratings. 

Wataniya Insurance Co. ended the session at SR13.56, up 0.94 percent.