Oil Updates – crude down more than 1 percent as uncertainty swirls over delayed OPEC+ meeting

Oil Updates – crude down more than 1 percent as uncertainty swirls over delayed OPEC+ meeting
Oil Updates – crude down more than 1 percent as uncertainty swirls over delayed OPEC+ meeting

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, losing 29.12 points, or 0.26 percent, to close at 11,099.98. 

The total trading turnover of the benchmark index was SR4.22 billion ($1.12 billion) as 75 of the listed stocks advanced, while 146 retreated.  

Similarly, the Kingdom’s parallel market Nomu also dropped 6.20 points, or 0.03 percent, to close at 24,096.91. This comes as 22 of the listed stocks advanced, while as many as 26 retreated. 

As for the MSCI Tadawul Index, it also slipped 5.11 points, or 0.35 percent, to close at 1,436.82. 

The best-performing stock of the day was Al-Omran Industrial Trading Co. The company’s share price surged 5.41 percent to SR39. 

Other top performers include Zamil Industrial Investment Co. as well as Maharah Human Resources Co., whose share prices soared by 3.97 percent and 3.58 percent, to stand at SR20.94 and SR60.80, respectively. 

The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 6.67 percent to SR0.14.  

Additionally, United Cooperative Assurance Co. and Al-Jouf Agricultural Development Co. were among the underperformers, with their share prices decreasing by 3.82 percent and 3.53 percent, settling at SR9.31 and SR43.75, respectively. 

On the announcements front, Alwasail Industrial Co. disclosed that the board of directors has approved the purchase of a maximum of 500,000 of its shares for allocation within the employee stock incentive plan. As per a Tadawul statement, the funding for this share purchase will be sourced from the company’s own resources. 

On another note, the National Agricultural Development Co. has reported that 161.46 million shares were subscribed out of the 200 million new shares, amounting to a total value of SR161 billion. 

A bourse filing has disclosed that the company will also offer rump shares to a selection of institutional investors who will submit purchase offers for them. 

Regarding Al Moammar Information Systems, a Tadawul statement has revealed that the company announced the award of a backup and storage solution for the National Center of Government Resources, with an estimated value of SR24.87 million. 

Moreover, Tam Development Co. has announced the signing of a project contract with the Communications, Space, and Technology Commission, with a total value of SR1.98 million, including value-added tax.  

As per a bourse filing, the one-year contract will involve Tam Development Co. providing consultancy services and digital solutions to execute a project for the Communications, Space, and Technology Commission. 

Meanwhile, the Saudi Exchange has announced the listing and trading of shares of Almujtama Alraida Medical Co. on Nomu. 

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