UAE’s net institutional investment in stock markets hit $9.1bn

RIYADH: The Tadawul All Share Index in Saudi Arabia concluded Monday’s trading session at 11,813.09, marking an increase of 122.44 points or 1.05 percent.

The parallel market, Nomu, closed the day at 24,153.74 points, reflecting an uptick of 762.92 points or 3.26 percent.

MSCI Tadawul 30 Index also edged up 10.16 points to settle at 1,528.18 points, a 1.2 percent dip.

TASI reported a trading volume of SR6 billion ($1.6 billion), with 128 stocks gaining and 80 losing.

Nomu, on the other hand, reported a trading volume of SR31.6 million. Bank Albilad emerged as TASI’s standout performer, surging 5.18 percent to SR44.65.

While share prices of Leejam Sports Co. rose 4.49 percent to SR204.80, Riyadh Cables Group Co. climbed 3.33 percent to SR93.

The National Co. for Glass Industries and Aldrees Petroleum and Transport Services Co. were among other companies that ended the day on a positive note.

In contrast, Sinad Holding Co. closed as the day’s underperformer, falling 1.54 percent to SR12.78.

Raydan Food Co. and Al-Babtain Power and Telecommunication Co. share prices fell 1.50 percent and 1.28 percent to SR26.30 and SR27, respectively.

Dar Alarkan Real Estate Development Co. and Hail Cement Co. were also among TASI’s worst performers.

On Nomu, Meyar Co. incurred the most significant loss, plunging 11.57 percent to close at SR70.30.

Bena Steel Industries Co. and Mulkia Investment Co. also recorded losses, with their shares declining to SR40.85 and SR31.25, down 4.78 percent and 4.43 percent, respectively.

However, Shatirah House Restaurant Co. outperformed other stocks in Nomu, gaining 19 percent to SR11.40.

While share prices of Keir International Co. rose 10.52 percent to SR4.09, Ladun Investment Co. climbed 10.22 percent to SR5.93.

On the announcement front, Keir International has received approval from its board of directors for a significant transition from the parallel market, Nomu, to the main market.

In its commitment to transparency and shareholder communication, the company has assured its investors that it will promptly share any future developments related to this transition, according to a bourse filing.

The company’s move to the main market hinges on approval from the Saudi Tadawul Group and is dependent on meeting all the criteria and requirements outlined in the listing rules.

Furthermore, the Saudi Reinsurance Co. has reached an agreement with the Public Investment Fund to extend their existing memorandum of understanding.

This extension, which will last for an additional six months beyond the initial MoU’s expiration on Jan. 7, 2024, is aimed at facilitating the company’s plan to raise capital through the issuance of new cash shares.

The announcement, made public through a statement on Tadawul, indicates that the extension is intended to provide the necessary time frame to complete various essential procedures, including securing all mandatory approvals for the potential deal.

Saudi Tadawul has updated the free float shares for all listed issuers in both the main and parallel market.

This change is set to take effect from the beginning of trading on Dec. 31.

In a detailed announcement, Tadawul revealed that shares from various companies across different sectors were included in the market indices.

This inclusion spans from major corporations like Ades Holding and SAL Saudi Logistics Services in the main market indices to a diverse array of companies in the parallel market.

Among other inclusions are iOud to the parallel market and Riyadh Cement Co. on the main index.