Closing Bell: Saudi Main Market Edges Up To Close at 10,590

RIYADH: Saudi equities closed narrowly higher on Monday, with the Tadawul All Share Index edging up 0.01 percent, or 1.34 points, to finish at 10,590.17. 

Trading activity remained moderate, with 151.1 million shares changing hands and a total turnover of SR3.14 billion ($837.4 million). 

Market breadth was slightly positive, as 130 stocks advanced while 118 declined, reflecting a cautious tone among investors. 

The MT30 Index, which tracks the largest and most liquid stocks, slipped 0.14 percent to 1,391.34, while the Nomu Parallel Market Index eased marginally by 0.01 percent to close at 23,716.41. 

On the movers’ board, Saudi Industrial Development Co. led the gainers, jumping 6.91 percent to SR12.38, followed by Raydan Food Co. which climbed 5.42 percent to SR26.46. 

Obeikan Glass Co. advanced 4.48 percent to SR26.12, while Saudi Real Estate Co. and Advanced Building Industries Co. rose 4.42 percent and 4.29 percent, respectively. 

On the downside, Nama Chemicals Co. topped the losers, falling 5.09 percent to SR22.19. 

Shatirah House Restaurant Co. declined 4.02 percent to SR15.50, while Saudi Cable Co. dropped 3.29 percent to SR129.50. 

Al-Jouf Agricultural Development Co. and CHUBB Arabia Cooperative Insurance Co. also ended the session lower, shedding 2.60 percent and 2.50 percent, respectively. 

On the announcement front, SAL Saudi Logistics Services Co. said it signed an agreement with Syrian Airlines to provide integrated ground handling solutions for air cargo, covering services such as cargo handling and storage for flights operating in the Kingdom. 

The agreement is yearly renewable and is expected to have a positive financial impact over its duration. SAL’s shares closed at SR166.5, up SR1, or 0.6 percent, by the end of the session. 

Meanwhile, Thamaa Advertising, Public Relations and Marketing Co. announced a decrease in accumulated losses to 16.82 percent of capital following the completion of its capital reduction process, which resulted in the write-off of accumulated losses and the removal of the company from the regulatory scope applicable to firms with losses exceeding 20 percent of capital. 

TAPRCO ended the session at SR17.1, gaining SR0.01, or 0.06 percent.