https://arab.news/2hteq
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward trend for the third consecutive day on Tuesday, gaining 132.67 points or 1.11 percent to close at 12,080.37.
The total trading turnover of the benchmark index was SR7.25 billion ($1.93 billion), with 140 of the listed stocks advancing and 73 declining.
Similarly, Saudi Arabia’s parallel market Nomu edged up by 0.27 percent to 25,919.13.
The MSCI Tadawul Index also gained 15.72 points to close at 1,513.57.
The best-performing stocks of the day were AYYAN Investment Co. and Al Sagr Cooperative Insurance, whose share prices surged by 9.96 percent each.
Other top performers on the benchmark index were Miahona Co. and Makkah Construction and Development Co., as their share prices soared by 7.70 percent and 6.40 percent respectively.
The worst performer of the day was Al-Baha Investment and Development Co. The firm’s share price slipped 7.69 percent to SR0.12.
On the announcements front, Lana Medical Co.’s fully owned subsidiary Lana Investment Co. said it acquired a 50 percent stake in Solar Laser Systems Co. and Solar Maccom Co.
Lana said in a statement to Tadawul that the SR6 million deal would be financed from the company’s own resources.
The statement added that the impact of the deal will be visible in the company’s financial performance from Jan.1, according to the terms and conditions of the agreement.
Meanwhile, Al-Hokail Academy Specialized Digital Polyclinics Co. announced that it has decided to cancel its initial public offering in Saudi Arabia’s parallel market.
“This is in order to ensure the interest of investors and shareholders. This comes with the aim of ensuring the best possible conditions for listing, and the company aims with this decision to enhance the confidence of investors and shareholders in the strength and sustainability of its business,” the company said in a statement to Tadawul.
Additionally, LIVA Insurance Co. said that it received approval from Banque Saudi Fransi to provide insurance services to the bank for one year starting from July 16.
In a Tadawul statement, the insurance provider said that the deal will provide positive impacts on the company’s financial results for 2024 and 2025.