Closing bell: TASI extends its downward slide, closing 86 points down to 10,461 

Closing bell: TASI extends its downward slide, closing 86 points down to 10,461 
Closing bell: TASI extends its downward slide, closing 86 points down to 10,461 

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index on Tuesday lost 86.21 points — or 0.82 percent — to close at 10,469.50. 

While MSCI Tadawul 30 Index dropped 1.11 percent to 1,436.58, the parallel market Nomu rose 1.23 percent to 18,992.80. 

TASI’s total trading turnover of the benchmark index on Tuesday was SR3.76 billion ($1 billion), with 101 stocks of the listed 224 advancing and 109 retreating. 

Bupa Arabia for Cooperative Insurance Co. was the worst performer as it fell 5 percent to SR152. The other poor performers were Tourism Enterprise Co., Middle East Specialized Cables Co., Riyad Bank and Basic Chemical Industries Co. 

Abdulmohsen Alhokair Group for Tourism and Development was the topmost gainer, rising 4.60 percent to SR24.54.  

Americana Restaurants International also soared 4.01 percent to SR3.89 — the stock’s highest level since it was listed in December 2022. The stock has risen 42 percent since then.  

The other top performers included Saudi Kayan Petrochemical Co., Raydan Food Co. and Tabuk Agricultural Development Co. 

Among sectoral indices, 15 of the 21 listed on the stock exchange declined, while the rest advanced. 

On the announcements front, Edarat Communication and Information Technology Co. informed the stock exchange that it signed a one-year renewable framework agreement to provide cloud hosting services to government agencies. 

Under the contract, the company will carry out various types of cloud computing services by submitting direct purchase orders from the beneficiary to Edarat. Its share price edged up to SR304.20 

Savola Group’s board of directors approved the buyback of up to 2.5 million shares as treasury shares to be allocated for the long-term employee stock incentive plan. 

The purpose of the repurchase is to attract and retain outstanding talent and to motivate them to strengthen their performance further, the company said in a statement to Tadawul. However, Savola’s share price dropped 2.92 percent to SR28.3. 

Molan Steel Co. also renewed Shariah-compliant credit facilities worth SR5 million with Alinma Bank, the company said in a statement to Tadawul. 

In addition, the firm increased the credit facilities by SR3.5 million, bringing its total loans secured from Alinma Bank to SR8.5 million. 

The facilities are to finance the working capital requirements and will be available until Oct. 31. The steelmaker’s share price gained 1.44 percent to SR35.15. 

Meanwhile, Saudi Pharmaceutical Industries and Medical Appliances Corp. also told the exchange that it would outline its revamped five-year strategy in a virtual meeting on Tuesday. SPIMACO’s strategy sets ambitious targets to grow revenue by a compound annual growth rate of 13-15 percent up to 2027 and achieve a 15-17 percent earnings before interest, taxes, depreciation, and amortization margin by 2027 through adopting a new and improved business model. The company’s share price closed marginally up at SR23. 

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