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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 34.55 points, or 0.28 percent, to close at 12,157.03.
The total trading turnover of the benchmark index was SR5.3 billion ($1.413 billion), as 54 stocks advanced while 136 retreated.
Similarly, the MSCI Tadawul Index increased slightly by 3.54 points, or 0.23 percent, to close at 1,523.94.
However, the Kingdom’s parallel market Nomu dipped by 88.34 points, or 0.33 percent, to close at 26,845. This comes as 25 stocks advanced while as many as 35 retreated.
The best-performing stock was Naseej International Trading Co., whose share price surged 9.81 percent to SR81.70.
Other top performers included Gulf General Cooperative Insurance Co. and Makkah Construction and Development Co., whose share prices soared by 6.68 percent and 6.01 percent, to stand at SR15.02 and SR97 respectively.
Saudi Cable Co. and Saudi Ground Services Co. also performed well.
The worst performer was Amlak International Finance Co., whose share price dropped by 5.03 percent to SR11.34.
Batic Investments and Logistics Co. as well as Al-Jouf Agricultural Development Co., share prices dropped by 4.94 percent and 4.37 percent to stand at SR3.27 and SR63.50, respectively.
On the announcements front, Saudi IT company Rasan has set the final offering price for its upcoming initial public offering on the Kingdom’s stock market at the upper limit of SR37 per share.
This follows the successful completion of the book-building process for institutional investors, which saw the offering oversubscribed approximately 129.1 times the total offer shares.
Institutions subscribed to the entire offering, with 22.74 million ordinary shares allocated to them, representing 100 percent of the total holdings offered in the first phase.
This information comes from a statement issued by Saudi Fransi Capital, the IPO manager, as well as the financial advisors and book-runners for the institutional tranche, Saudi Fransi Capital and Morgan Stanley Saudi Arabia.
The statement on Tadawul added that following the successful completion of the book-building process, up to 2.274 million ordinary shares, representing 10 percent of the total holdings offered, will be allocated to individual investors in the second phase.
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