RIYADH: Saudi Arabia’s Tadawul All Share Index gained 38.22 points — or 0.37 percent — on Wednesday to close at 10,507.72.
While MSCI Tadawul 30 Index edged up 0.21 percent to 1,439.54, the parallel market Nomu closed 0.76 percent higher to 19,212.09.
TASI’s total trading turnover of the benchmark index was SR3.41 billion ($910 million), with 99 stocks of the listed 224 advancing and 100 receding.
Saudi Public Transport Co. was the topmost gainer, soaring 6.56 percent to SR17.54.
Bupa Arabia for Cooperative Insurance Co. was the second-highest grosser, rising 3.82 percent to SR157.80. The company on Tuesday received Saudi Central Bank’s approval to renew its insurance activities license. The license is valid for three years, starting from March 26, 2023, the insurer informed Tadawul.
The other top gainers were Alkhaleej Training and Education Co., Savola Group and Sahara International Petrochemical Co. All three stocks advanced within the 3-4 percent range.
The worst-performing stock of the day was Banque Saudi Fransi, which dropped 4.63 percent to SR37.05.
Other poor performers were Saudi British Bank, Al Alamiya for Cooperative Insurance Co., Riyad Bank and Amana Cooperative Insurance Co.
Among sectoral indices, 13 of the 21 listed on the stock exchange declined; one remained flat while the rest advanced.
On the announcements front, Elm Co.’s wholly owned subsidiary, Saudi Company for Electronic Information Exchange, inked a revenue-sharing agreement with Zakat, Tax and Customs Authority.
The agreement’s value exceeds 5 percent of total revenue as per audited financial statements for 2021. The contract has no fixed value. Instead, it depends on the number of executed transactions, and the company receives a percentage of the fees of such transactions.
The five-year agreement will provide customs electronic and operational services, starting from the issuance of the effective date certificate. Its share price fell 0.37 percent to SR375.60.
Al Moammar Information Systems Co. and Mobile Telecommunication Co. Saudi Arabia, also known as Zain KSA, signed, on Feb. 7 a non-binding memorandum of understanding.
The 12-month MoU will be renewed based on the two parties’ agreement, MIS said in a statement on Tadawul.
As per the MoU, MIS and Zain KSA will explore potential opportunities for cooperation through the design, launch, and offering of certain products and services.
MIS also signed another MoU with the Ministry of National Guard to support the digital transformation journey of the ministry by developing a data center strategy, information security, artificial intelligence and other emerging technologies in the enterprise space. MIS’s share price rose 1.94 percent to SR94.50.
