Saudi Stock Market Sees Third Consecutive Day of Gains
The Tadawul All Share Index (TASI) continued its upward trajectory for the third consecutive day on Tuesday, with a gain of 35.58 points, or 0.30 percent, to close at 12,036.50.
Total Trading Turnover Reaches SR5.75 Billion
The benchmark index saw significant trading activity, with a total turnover of SR5.75 billion ($1.53 billion). Out of the listed stocks, 167 advanced, while 63 declined.
Nomu Market Sees Decline
In contrast to the TASI’s gains, the Nomu market experienced a decline of 37.70 points to close at 31,475.72. The MSCI Tadawul Index, however, saw an increase of 3.34 points to end trading at 1,509.31.
Top Performers in TASI
Several stocks stood out as top gainers in the TASI market:
- Riyad REIT Fund: Its share price surged by 6.42 percent to SR6.80.
- Al-Babtain Power and Telecommunication Co.: The stock saw a rise of 4.84 percent to SR39.
- Red Sea International Co.: The company’s share price rose by 4.59 percent to SR61.50.
Declining Stocks in TASI
On the other hand, some stocks experienced declines:
- Saudi Industrial Development Co.: Its share price decreased by 4.36 percent to SR29.60.
Top Performers in Nomu Market
The Nomu market saw several top performers as well:
- Natural Gas Distribution Co.: The stock’s share price increased by 9.74 percent to SR68.70.
- Purity for Information Technology Co.: Its stock value rose by 7.69 percent to close at SR21.
- Mohammed Hadi Al Rasheed and Partners Co.: The company’s share price surged by 6.50 percent to SR100.
Debuting Stock in Nomu Market
The Albattal Factory for Chemical Industries Co., which made its debut in the parallel market on Tuesday, saw a decline of 3.17 percent to SR61.
Company Announcements
Several companies made announcements related to their business operations:
- Saudi Arabian Cooperative Insurance Co.: The company’s shareholders approved the recommendation to use part of the firm’s statutory reserve balance amounting to SR43.69 million to fully offset its accumulated losses.
- ITMAM Consulting Co.: The company set a price range for its potential initial public offering (IPO) on the Kingdom’s parallel market between SR13 and SR15 per share.
Initial Public Offering (IPO)
The book-building process for ITMAM Consulting Co.’s IPO is scheduled to begin on January 5 and run through January 12. The company has partnered with Yaqeen Capital as its financial adviser for the IPO process.