Closing Bell: Saudi Main Market Falls to 10,699 Points

RIYADH: Saudi Arabia’s benchmark Tadawul All Share Index fell 43.18 points, or 0.4 percent, to close at 10,698.81.

The MT30 index declined 5.48 points, or 0.38 percent, to 1,432.43, while the parallel market Nomu advanced 46.10 points, or 0.21 percent, to 22,187.68.

Trading turnover on the main market reached SR4.14 billion ($1.10 billion), with 188.5 million shares changing hands. A total of 95 stocks advanced, while 163 declined.

Top movers

Aldrees Petroleum and Transport Services Co. led gainers, rising 6.34 percent to SR114.10. Alistithmar AREIC Diversified REIT Fund advanced 6.23 percent to SR7.50, while Gulf Insurance Group gained 5.92 percent to SR34.

Knowledge Economic City rose 5.49 percent to SR14.60, and Saudi Research and Media Group increased 5.46 percent to SR64.75.

On the losing side, Abdullah Saad Mohammed Abo Moati for Bookstores Co. fell 6.69 percent to SR41.02.

Saudi Enaya Cooperative Insurance Co. declined 5.58 percent to SR8.96, while Takween Advanced Industries Co. dropped 4.88 percent to SR4.29. 

Al Yamamah Steel Industries Co. lost 4.50 percent to SR38.20, and Alinma Bank decreased 4.43 percent to SR23.51.

Announcement front

Riyad Bank announced the launch of an offer and subscription period for Saudi riyal-denominated Additional Tier 1 Capital Sukuk under its public sukuk program. 

The bank set the initial issuance size at SR5 billion, with the final amount to be determined after the offer closes based on market conditions. 

Subscriptions will run from July 21 to Aug. 3, with each sukuk priced at SR1,000 and offering a fixed annual return of 6.5 percent, payable quarterly.

Riyad Capital is acting as financial adviser, sole arranger and dealer. Riyad Bank shares closed at SR20.90, down 0.81 percent.

Aldrees Petroleum and Transport Services Co. reported an 18.41 percent increase in first-half net profit to SR234.1 million, compared with SR197.7 million a year earlier. 

Revenue rose 17.6 percent to SR14.16 billion, while earnings per share increased to SR2.34 from SR1.98.

Second-quarter net profit climbed 28.13 percent year-on-year to SR123.9 million, as revenue increased 18.01 percent to SR7.33 billion. 

The company attributed the growth to the expansion of its service station network and truck fleet, along with higher sales from its petroleum and transport divisions.