RIYADH: Saudi’s main index TASI closed at 0.82 percent higher on Wednesday reaching 10,849.96 points despite omicron concerns.
Gains in the retail, financial services, and media sectors boosted the market’s performance.
The top performers in the session included Maadaniyah and Sadr Logistics.
The hike in Maadaniyah’s stock was driven by the company’s decision to launch a valve plant in early 2022, boosting its share price from SR24.06 ($6.4) to SR26.45.
Sadr’s share price rose by 8.66 percent following the board of directors’ recommendation to raise SR175 million through a rights issue worth SR150 million to expand its logistics services.
The main players in the Saudi market — Al Rajhi Bank, SABIC, and Aramco — saw positive changes of around 1 to 2 percent.
Red Sea International Co.’s shares continued the upward trend, closing at a price of SR22.
Amana Insurance Co. and Tihama Advertising and Public Relations Co. were the worst performers, down by 3.92 percent and 3.82 percent respectively.
Amana’s share decline was attributed to the net loss of SR52 million for the 6-month period ending June 30, 2021, up from SR50.2 in the prior year.
Falling stocks outnumbered rising ones in the Saudi stock market.
Tadawul’s parallel market Nomu ended slightly lower, declining 0.44 percent.
Saudi Arabia’s Capital Market Authority on Wednesday announced the approval for the registration and offering of shares of Al-Jouf Healthy Water Bottling Co. and Gas Arabian Services on the parallel market. The authority also gave green signal to Obeikan Glass Co. for direct listing on Nomu.