Closing bell: Saudi bourse loses steam after six consecutive sessions, drops 63 points 

Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index fell 63.11 points — or 0.6 percent — on Wednesday to close at 10,410.21, curbing the buying rally that lasted for six consecutive sessions. 

While MSCI Tadawul 30 Index slipped 0.7 percent to 1,418.42, the parallel market Nomu closed slightly lower at 18,868.33. 

The total trading turnover of the benchmark index was SR4.10 billion ($1.09 billion) as 60 stocks of the listed 224 advanced and 152 retreated. 

The day’s highlight was WAJA Co., which debuted on Nomu-Parallel Market, surging 22.22 percent to SR110. The multi-sector company opened at SR90 after offering 455,000 shares to qualified investors, representing 13 percent of its share capital. 

Thimar Development was the day’s best performer as its share price surged 9.84 percent to SR27.65. The stock rose 46 percent in the last five sessions. Tadawul, however, disclaimed that the company had accumulated losses reaching 50 percent or more of its capital. 

Saudi Automotive Services Co. also reported a 4.57 percent swell in its share price to SR36.60. In addition, the company on Wednesday reported a 76 percent rise in net profit to SR89.71 million for the year ended Dec.31, 2022, from SR50.84 million in the year-ago period. 

The company’s revenues increased 93 percent to SR7.85 billion in 2022 from SR4.06 billion in 2021. 

According to a statement to the stock exchange, the robust performance was due to the increase in revenue from acquiring an 80 percent stake in NAFT Services Limited Co. 

SASCO also reported higher sales volumes, which boosted total profit and other revenue from the sale and leaseback of nine sites. 

The worst performer on Wednesday was pipe manufacturer Saudi Arabian Amiantit Co., which slumped 4.35 percent to SR38.45. 

On the announcements front, Al Kathiri Holding Co. informed the stock exchange that it would issue the first series of Saudi Riyal-denominated sukuk for individual and institutional investors from March 12-23. 

The company said the offering value was set at SR100 million, and the maturity period will be five years from the sukuk settlement date. 

Moreover, the minimum subscription will be five instruments at a nominal value of SR5,000. Al Kathiri Holding’s share price fell 2.28 percent to SR51.40. 

On Tuesday, Yanbu National Petrochemical Co. shareholders approved the board’s recommendation to distribute a 12.5 percent cash dividend, or SR1.25 per share, for the second half of 2022. Its share price slumped 4.22 percent to SR42. 

Meanwhile, Alinma Investment Co., the financial advisor on the Ghida Al-Sultan Co.’s IPO on Nomu-Parallel Market, set the offer price at SR84 per share. The offer will run from March 12-19. The company will offer 640,000 shares or 20 percent of its capital. 

KnowledgeNet Co.’s IPO was oversubscribed 141 percent at SR40 per share on Tuesday, Amwal Capital, its financial adviser, informed the stock exchange. The software development firm had offered 700,000 ordinary shares on Nomu, representing 20 percent of the total offering. 

Likewise, Bena Steel Industries Co.’s IPO on Nomu was oversubscribed by 150.02 percent, its lead manager Yaqeen Capital said in a statement to Tadawul. The steel manufacturer had offered 600,000 shares or 12 percent of the company’s share capital.