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Jeddah - Yasmine El Tohamy - Closing Bell: Saudi Arabia’s main index slips 194.19 points to close at 11,928
RIYADH: Saudi Arabia’s Tadawul All Share Index decreased on Wednesday, losing 194.19 points, or 1.60 percent, to close at 11,928.89.
The total trading turnover was SR10.98 billion ($2.93 billion), as 52 of the listed stocks advanced, while 170 retreated.
Saudi Arabia’s parallel market Nomu was slightly up as it gained 10.84 points to close at 24,641.24, while the MSCI Tadawul Index edged down by 1.91 percent to 1,545.86.
The best-performing stock of the day was Anaam International Holding Group, which saw its share price soar by 9.38 percent to SR1.05.
Other top gainers were Alkhaleej Training and Education Co. and Al-Baha Investment and Development Co., whose share prices surged by 8.07 percent and 7.69 percent, respectively.
The worst performer on the main market was ACWA Power Co., whose share price dipped by 5.43 percent to SR240.
Nofoth Food Products Co. drove a strong performance on the parallel market. The company’s share price surged by 29.39 percent to SR29.45.
Gas Arabian Services Co. and Meyar Co. for Information System Technology were among the other top performers on Nomu, as their share prices rose by 9.17 percent and 5.73 percent, respectively.
The worst performer on the parallel market was National Building and Marketing Co., whose share price dipped by 9.83 percent to SR266.
On the announcements front, Gas Arabian Services Co. disclosed its board of directors’ approval to shift from Nomu to the main market, following a positive performance.
GAS appointed Yaqeen Capital as the financial advisor for this transition, according to a Tadawul statement.
Meanwhile, Development Works Food Co. revealed the board’s recommendation to augment the company’s capital through a rights issue. This method involves offering existing shareholders the opportunity to purchase more equity at a predetermined price.
In a statement, the company announced a target amount of SR90 million, intending to diversify and expand its activities. This aims to maximize the reach of its brands across all regions of the Kingdom, aligning with its future goals and aspirations.
Additionally, the Capital Market Authority has granted approval for the public offering of units in Saudi riyals for Alistithmar Capital Co., an investment securities and brokerage firm.
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