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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose for the third consecutive day on Tuesday, as it gained 59.54 points, or 0.50 percent, to close at 11,872.63.
The total trading turnover of the benchmark index was SR7.54 billion ($2.01 billion), as 122 stocks advanced while 98 declined.
However, Nomu, the Kingdom’s parallel market, shed 131.73 points to close at 24,022.01.
On the other hand, the MSCI Tadawul Index edged up by 0.57 percent to 1,536.95.
SAL Saudi Logistics Services Co. was the best-performing stock of the day. The company’s share price soared by 9.94 percent to SR179.20.
Other top performers were CATRION Catering Holding Co. and CHUBB Arabia Cooperative Insurance Co., whose share prices surged by 9.84 percent and 9.14 percent, respectively.
The worst performer on the main market was Morabaha Marina Financing Co., as its share price dipped by 2.41 percent to SR12.14.
The share price of Arabian Contracting Services Co., also known as Al Arabia, soared to a record high since its debut in Tadawul.
At one point during the day’s trading, Al Arabia’s share price soared to SR233 before settling down at SR229.40 at the end of the day’s trading.
Meanwhile, the Saudi exchange announced the update of the free float shares for all listed issuers on the main market and Nomu effective from the start of trading on Dec. 31, 2023.
Moreover, the exchange revealed that Ades Holding Co. will be included in the Energy Industry Group index in TASI, while SAL Saudi Logistics Services Co. and Riyadh Cement Co. will be included in the Transportation Industry Group index and Materials Industry Group index, respectively.
Riyadh Steel Co., listed on the parallel market, revealed that its board of directors has recommended a 40 percent capital increase through a four-for-10 bonus share distribution.
In a Tadawul statement, Riyadh Steel Co. said that the increase in capital will be financed through capitalizing SR20 million from the firm’s retained earnings.
“In the event that there are fractional shares granted, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to their share ownership, within a period not exceeding 30 days from the date of determining the new shares entitled to each shareholder,” said Riyadh Steel Co. in the statement.
The company added that the proposed bonus share distribution is subject to regulatory approval from authorities.
Riyadh Steel Co. also announced that its board of directors has recommended splitting the nominal value of its shares from SR10 per share to SR1.
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