https://arab.news/26mmq
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 6.47 points, or 0.06 percent, to close at 11,401.47.
The total trading turnover of the benchmark index was SR5.23 billion ($1.39 billion) as 80 of the listed stocks advanced, while 135 retreated.
Similarly, the MSCI Tadawul Index rose 1.68 points, or 0.11 percent, to close at 1,465.99.
The Kingdom’s parallel market Nomu also surged by 72.30 points, or 0.31 percent, to close at 23,731.72. This comes as 28 of the listed stocks advanced while as much as 32 retreated.
The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 7.69 percent to SR0.14.
Other top performers included SAL Saudi Logistics Services Co. and Naseej International Trading Co., whose share prices soared by 4.35 percent and 4.24 percent to stand at SR153.40 and SR59, respectively.
In addition to this, other top performers included Arabian Contracting Services Co. and Almunajem Foods Co.
The worst performer was AYYAN Investment Co., whose share price dropped by 2.70 percent to SR14.42.
Other worst performers were SHL Finance Co. as well as Saudi Steel Pipe Co., whose share prices dropped by 2.36 percent and 2.26 percent to stand at SR19.02 and SR34.65, respectively.
Other poor performers included Almarai Co. and Abdulmohsen Alhokair Group for Tourism and Development.
On the announcements front, Saudi Advanced Industries Co. has disclosed the signing of an agreement to divest its entire stake in Al-Salam Aerospace Industries Co., representing 10 percent of the latter’s capital.
Al-Salam Aerospace Industries Co. is specialized in the maintenance of military and civil aviation.
As per an official statement from Tadawul, the book value of SAIC’s share in Al-Salam Aerospace Industries Co. stands at SR19.52 million.
Furthermore, this divestiture aligns with the company’s strategic efforts to enhance its performance.
This involves a continuous review of investments, engagement in promising opportunities with growth potential and returns, and an exit strategy from investments that have either met their objectives or failed to fulfill their aspirations.