https://arab.news/bku9a
RIYADH: Saudi Arabia’s Tadawul All Share Index ended lower on Wednesday, losing 145.28 points, or 1.24 percent, to close at 11,590.79.
The benchmark index saw a total trading turnover of SR6.02 billion ($1.6 billion), with 65 stocks advancing and 168 declining. The Kingdom’s parallel market, Nomu, also experienced a decline, dropping 438.11 points, or 1.43 percent, to close at 30,164.72, as 30 stocks advanced and 52 retreated. The MSCI Tadawul Index fell 22.41 points, or 1.52 percent, to finish at 1,451.98.
Tamkeen Human Resource Co. was the best performer of the day, with its share price rising 30 percent to SR65. Other notable gainers included United International Transportation Co., whose stock rose 6.54 percent to SR76.60, and Anaam International Holding Group, which saw a 5.98 percent increase to SR1.24.
On the other hand, Saudi Cable Co. recorded the biggest loss, falling 6.67 percent to SR90.90.
SHL Finance Co. also saw a decline of 4.74 percent, closing at SR16.90, while Filing and Packing Materials Manufacturing Co. dropped 4.12 percent, ending the day at SR43.
On the announcements front, Saudi Awwal Bank announced the launch of its riyal-denominated additional tier-1 sukuk offering.
The terms and amount of the sukuk will be determined at a later stage, based on market conditions. The minimum subscription is set at SR1 million, with a par value of SR1 million.
The return will also be determined later, depending on market conditions. The targeted investors are institutional and qualified clients in accordance with the Capital Market Authority’s rules. HSBC Saudi Arabia has been appointed as the sole lead manager for the sukuk issuance. The bank’s stock closed down 2.95 percent at SR32.15.
Tamkeen Human Resource Co. also released its interim financial results for the period ending Sept. 30, reporting a net profit of SR69.1 million for the first nine months of 2024. This marks a 40.7 percent increase compared to the same period in 2023.
The growth was primarily driven by a 40 percent rise in revenues, a 28 percent increase in gross profit, and a SR10.3 million rise in general and administrative expenses. Non-operating income also grew by SR10.1 million, highlighting the company’s strong financial performance and effective management of its operations and risks.