Oil Updates — Crude extends gains as OPEC+ to mull deeper cuts

Oil Updates — Crude extends gains as OPEC+ to mull deeper cuts
Oil Updates — Crude extends gains as OPEC+ to mull deeper cuts

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index gained 55.06 points, or 0.50 percent, on Sunday to close at 11,137.03. 

The total trading turnover of the benchmark index was SR4.50 billion ($1.20 billion) as 158 of the listed stocks advanced, while 59 retreated. 

Similarly, the Kingdom’s parallel market Nomu also jumped 77.43 points, or 0.33 percent, to 23,683.36 as 26 progressed, while 27 sloped. 

The MSCI Tadawul 30 Index also climbed 3.34 points, or 0.23 percent, to close at 1,446.93. 

The best-performing stock of the day was Umm Al-Qura Cement Co. The company’s share price surged 9.91 percent to SR16.86. 

Other top performers included National Agricultural Development Co. and Development Works Food Co., whose share prices soared nearly 10 percent to SR22.96 and SR136.00, respectively. 

Makkah Construction and Development Co. and East Pipes Integrated Company for Industry also performed well. 

The worst performer on the primary index was Saudi Automotive Services Co., whose share price dropped 2.22 percent to SR52.80. 

Other poor performers were Electrical Industries Co. and Dallah Healthcare Co., whose share prices dropped about 1.7 percent to SR2.19 and SR160, respectively. 

Moreover, other laggards included National Medical Care Co. and BinDawood Holding Co. 

On the announcements front, the exchange notified that qualified investors started subscribing to 600,000 shares of View United Real Estate Development Co. on the Nomu on Sunday. 

According to a statement to Tadawul, the shares accounted for 18.18 percent of the firm’s capital after its initial public offering capital of SR3.3 million divided into 3.3 million shares. 

In addition, the company will issue 300,000 shares through a capital increase, while an additional 300,000 shares will be made available by existing shareholders. 

Meanwhile, Thimar Development Holding Co. has announced to its shareholders the investment of only SR6 million in a real estate fund licensed by the Capital Market Authority to develop the Business Square project, a modern administrative office complex at King Saud University, Riyadh.  

This investment is projected to have a positive financial impact and comes within the firm’s direction of investing in distinctive real estate projects. 

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