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RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 152.88 points, or 1.31 percent, to close at 11,498.93.
The total trading turnover of the benchmark index was SR10.97 billion ($2,92 billion) as 62 of the listed stocks advanced, while 165 retreated.
Similarly, the MSCI Tadawul Index decreased by 18.86 points, or 1.29 percent, to close at 1,437.54.
However, the Kingdom’s parallel market Nomu increased by 104.55 points, or 0.39 percent, to close at 26,753.99. This comes as 30 of the listed stocks advanced, while as many as 27 retreated.
The top-performing stock of the day was Rasan Information Technology Co., which saw its share price surge by 30 percent to SR48.10.
Other top performers included Al Taiseer Group Talco Industrial Co. and Al Moammar Information Systems Co., whose share prices soared by 14.42 percent and 7.24 percent, to stand at SR49.20 and SR163, respectively.
In addition to this, other top performers included Saudi Cable Co. and Chubb Arabia Cooperative Insurance Co.
The worst performer of the day was Saudi Manpower Solutions Co., with its share price dropping by 8.51 percent to SR8.28.
Other poor performers included ACWA Power Co. and Miahona Co., with their share prices declining by 5.31 percent and 5.19 percent to reach SR331.80 and SR21.56, respectively.
Furthermore, other underperforming stocks included Sahara International Petrochemical Co. and Savola Group.
On the announcements front, Rasan Information Technology Co. surged in its Riyadh debut, raising SR841 million with its shares peaking at SR48.1, a 30 percent increase from the offer price of SR37.
Bloomberg reported that the IPO saw strong demand, with orders totaling $29 billion, making it oversubscribed 129 times, reflecting Saudi Arabia’s push to diversify its stock exchange beyond traditional sectors like banking and industry.
“Rasan, which operates online insurance platforms such as Tameeni and Treza, will be among the first fintech firms to go public in the kingdom, which has only seen a few tech listings so far,” Bloomberg added.
Besides Rasan, buy-now-pay-later firm Tabby and online cosmetics retailer Nice One are considering IPOs, according to Bloomberg News.