RIYADH: Saudi Arabia’s Tadawul All Share Index gained 27 points, or 0.24 percent, on Monday to close at 11,423.13.
The total trading turnover of the benchmark index hit SR6.20 billion ($1.65 billion), as 119 stocks advanced, while 83 retracted.
The parallel market Nomu edged up by 701.23 points to 22,529.66, and the MSCI Tadawul Index gained 1.78 points to close at 1,509.79.
The best-performing stock on Monday was Rabigh Refining and Petrochemical Co. The firm’s share price soared by 8.91 percent to SR12.22.
Another gainer of the day was Elm Co. as its share price went up by 5.06 percent to SR585.20.
Middle East Healthcare Co. and Saudi Tadawul Group Holding Co. were other top gainers as their share prices edged up by 4.73 percent and 4.24 percent respectively.
The worst performer of the day was Aldrees Petroleum and Transport Services Co., with the company’s share price dipping by 3.91 percent to SR123.
On the announcements front, Red Sea International Co. revealed that it has acquired a 51 percent stake in Fundamental Installation for Electric Work Co., also known as First Fix, for SR544.17 million.
According to a Tadawul statement, RSI will pay a sum of SR250 million as an initial consideration to sellers in cash in proportions. A further SR294.17 million will be settled within four months from the signing date subject to certain conditions.
“As an established brand in residential, industrial and commercial modular construction, this is a positive amalgamation with First Fix who share the same vision of providing comprehensive and excellent quality housing and building services while being conscious of sustainability and environmental concerns, locally and internationally,” said RSI in the Tadawul statement.
First Fix is a mechanical, electrical and plumbing firm which made a net profit of SR148 million in 2022.
Meanwhile, shareholders of Future Trading Co. approved the splitting of the nominal value of a company share from SR10 to SR0.1, according to a statement. The decision will increase the number of shares from 5 million to 500 million.
