Closing Bell: Saudi Main Market Rises To Close at 11,145

RIYADH: Saudi Arabia’s benchmark Tadawul All Share Index rose 0.45 percent on Tuesday to close at 11,145.55. 

The blue-chip MT30 index gained 0.62 percent to 1,488.54, while the Nomu Parallel Market advanced 1.03 percent to 23,221.15. 

Trading turnover on the main market reached SR4.65 billion ($1.24 billion), with 235.36 million shares changing hands. Market breadth remained negative, with 115 stocks advancing and 141 declining. 

Among the top gainers, Tabuk Agricultural Development Co. climbed 5.8 percent to SR6.75, followed by Bupa Arabia for Cooperative Insurance Co., which rose 5.19 percent to SR196.60. 

Development Works Food Co. gained 4.82 percent to SR98.95, while Liva Insurance Co. advanced 4.06 percent to SR12.57 and Alsagr Cooperative Insurance Co. added 3.55 percent to SR12.26. 

On the losing side, Saudi Cable Co. fell 4.53 percent to SR181.40, United International Transportation Co. declined 2.84 percent to SR34.88, and Nice One Beauty Digital Marketing Co. slipped 2.54 percent to SR14.20.

Advanced Petrochemical Co. lost 2.46 percent to SR26.18, and Saudi Company for Hardware retreated 2.33 percent to SR23.08. 

On the corporate front, the Saudi Exchange said the fluctuation limits for First Avenue for Real Estate Development Co. would be based on a share price of SR4.73 on June 16 after shareholders approved a capital increase through bonus shares at an extraordinary general meeting held on June 15. 

Outstanding orders were canceled, while the Securities Depository Center is scheduled to deposit the additional shares into eligible investors’ portfolios by June 18. 

Alinma Bank announced its intention to redeem in full its SR5 billion Additional Tier 1 Capital Sukuk, issued in 2021, on July 1, following regulatory approval. 

The sukuk, which qualify as Additional Tier 1 capital under Saudi Central Bank regulations, were issued on July 1, 2021, with an aggregate face value of SR5 billion. 

The bank said sukuk holders will receive the face value together with any accrued periodic profit distribution on the redemption date. 

The issuance comprises 5,000 sukuk certificates with a par value of SR1 million each. Riyad Bank is acting as payment administrator, while Riyad Capital serves as the sukuk holders’ agent. 

Alinma Bank shares rose 0.88 percent to close at SR25.30.