US Fed holds key rate steady for fourth straight meeting

US Fed holds key rate steady for fourth straight meeting
US Fed holds key rate steady for fourth straight meeting

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index declined 189.34 points or 1.58 percent on Wednesday to close at 11,796.63. 

The total trading turnover of the benchmark index was SR8.6 billion, with 120 stocks advancing and 93 retreating. 

Similarly, the MSCI Tadawul decreased by 31.09 points, or 1.99 percent, to close at 1,530.39.

In contrast, the Kingdom’s parallel market, known as Nomu, saw an increase of 210.5 points, closing at 24,986.68.

The best-performing stock of the day on the main market was Al-Munajem Foods Co., whose share price surged 9.96 percent to SR86.1.

Saudi Paper Manufacturing Co. and Al-Yamamah Steel Industries, also fared well with their share prices increasing 5.98 percent and 4.79 percent, to SR49.6 and SR 30.65, respectively.

The worst performer on the market was Ades Holding Co., whose share price dropped 9.93 percent to close at SR19.96. 

Arabian Drilling and Al-Baha Investment Development Co., also did not perform well as their share prices dropped by 9.59 percent and 7.14 percent to stand at SR167.8 and SR0.13, respectively.

Meanwhile, the positive performance of the parallel market was driven by the National Environmental Recycling Co., whose stock soared 15.96 percent to close at SR10.9.

Other top performers included Saudi Azm for Communication and Information Technology Co. and Tam Development Co., whose share prices saw an increase of 10.17 percent and 6.25 percent to stand at SR13 and SR170, respectively.

Notable developments in the market included Saudi Automotive Services and Equipment Co. recording its highest price since listing.

The stock, which is listed within the retail and distribution of luxury goods sector, closed at SR79.2 on Wednesday. 

Other developments included Saudi Tadawul announcing the cancelation of the Saudi Electricity Co. sukuks listing.

On Jan. 25, the company announced the full redemption of the sukuk listed on the Saudi Tadawul, amounting to SR4.5 billion.

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