Closing Bell: Saudi Market Flat at 10,911.58

JEDDAH: Saudi Arabia’s Tadawul All Share Index held steady on Tuesday, gaining just 3.52 points, or 0.03 percent, to close at 10,911.58.

Total trading turnover on the benchmark index reached over SR4.9 billion ($1.31 billion), with 96 stocks advancing and 160 declining, as more than 275 million shares were traded.

The Kingdom’s parallel market Nomu moved up 67.8 points, or 0.32 percent, to close at 21,583.55, while the MSCI Tadawul Index rose 1.52 points, or 0.10 percent, to 1,467.51.

Gainers and losers

The main market’s top performer was Methanol Chemicals Co., whose share price jumped 9.96 percent to SR30.24. Al-Etihad Cooperative Insurance Co. rose 7.45 percent to close at SR8.22, while AFG International Co. gained 7.41 percent to end the session at SR15.36.

Among the other gainers, Saudi Aramco Base Oil Co. rose 3.7 percent to close at SR137.50, while National Industrialization Co., or TASNEE, advanced 3.64 percent to SR9.40.

Conversely, Raydan Food Co. declined 4.55 percent to close at SR16.80, while Jarir Marketing Co. fell 4.27 percent to end the session at SR16.59. Al Moammar Information Systems Co. also dropped 3.9 percent to close at SR291.

SEDCO Capital REIT Fund also decreased 3.3 percent to end the session at SR7.33.

Announcements

On the announcement front, Naseej for Technology Co. announced that its Morocco-based subsidiary has signed a contract with Rabat Region Development Co. to supply and install advanced technology solutions and equipment for the management of a public library in the city of Rabat.

Abdulaziz Bin Ahmed Altwijri Trading Co. announced the renewal of its SR5.5 million Shariah-compliant credit facility with Saudi National Bank, with the agreement running through to May 31.

TASNEE announced that its Board of Directors accepted the resignation of Fawaz Al-Fawaz as the company’s CEO due to retirement, effective Sept. 30.

The board and the company’s employees expressed their sincere gratitude and appreciation to Al-Fawaz for his role and efforts in improving the company’s performance during his tenure, wishing him continued success. The company announced the appointment of Fahad Al-Mishal as the new CEO starting from Oct. 1.

Arabian Drilling, whose shares fell 0.11 percent to SR87.40, announced that it has signed a contract with a new client in the GCC.

It added that operations are expected to begin before the end of the third quarter and are expected to contribute to backlog growth, improve future revenue visibility, and further strengthen the company’s long-term earnings profile.

It further said that the new contract follows the “successful” early completion of its first international offshore drilling contract and the subsequent redeployment of its jack-up rig to another Gulf Cooperation Council country.

Saudi Arabian Mining Co., or Maaden, announced the signing of a memorandum of understanding between its subsidiary Maaden Integrated Fertilizer Co. and SABIC Agri-Nutrients Co. to evaluate and explore potential opportunities between the two companies.

Maaden rose 1.85 percent to close at SR66, while SABIC Agri-Nutrients gained 2.38 percent to end the session at SR125.