Prime Highlights:
- The Tadawul All Share Index rose slightly on Wednesday, showing steady market activity.
- Al Majed Oud Co., Advanced Building Industries, and Al Kathiri Holding led the gains with strong share price increases.
Key Facts:
- The Tadawul All Share Index (TASI) closed at 11,341.27, up 12.75 points, with a total trading turnover of SR5.15 billion ($1.37 billion).
- Saudi Arabian Refineries Co. launched its new holding company, Masafi Ventures Co. Holding, marking a key corporate development.
Background:
Saudi Arabia’s stock market saw a small increase on Wednesday. The Tadawul All Share Index (TASI) rose 12.75 points, or 0.11 percent, to close at 11,341.27. Trading was active, with a total turnover of SR5.15 billion ($1.37 billion). Among listed stocks, 84 went up while 168 fell.
The MSCI Tadawul Index also increased, gaining 3.84 points, or 0.25 percent, to end at 1,530.98. Meanwhile, the Kingdom’s parallel market, Nomu, experienced a downturn, falling 233.47 points, or 0.97 percent, to 23,810.24, with 31 stocks increasing and 39 declining.
Al Majed Oud Co. was the top gainer, with its share price rising 6.02 percent to SR156.80. Other strong performers included Advanced Building Industries Co., up 5.75 percent to SR42.32, and Al Kathiri Holding Co., which rose 5.50 percent to SR2.11.
On the other hand, Elm Co. faced the steepest decline, with shares dropping 5.99 percent to SR699. Other companies seeing losses included Abdullah Saad Mohammed Abo Moati for Bookstores Co. and United Cooperative Assurance Co., whose shares fell 3.60 percent and 3.08 percent to SR45.02 and SR3.78, respectively.
In corporate news, Saudi Arabian Refineries Co. (SARCO) completed the issuance of its articles of association and commercial registration for its new holding company, Masafi Ventures Co. Holding, a wholly owned single-person limited liability company. SARCO shares closed at SR51.80, reflecting a slight 0.19 percent decrease.
Additionally, Multi Business Group Co. announced it has secured a project contract from the National Housing Co. to design and execute the Al Aziziyah Sales Center, covering construction, architectural, fit-out, and electromechanical works. The company’s shares remained unchanged at SR10 on the parallel market.
Wednesday’s trading showed mixed results, with the main market rising while the parallel market fell. Investors are keeping an eye on company news and new project awards, which are affecting stock movements.
