16:00 Saudi time: RIYADH: Saudi’s main index TASI saw a fall of almost one percent on Wednesday that was partially offset by a rise in Nomu parallel index.
TASI closed at 10991.8 points while Nomu increased 0.49 percent to close at 23564.11 points.
Tadawul Group Holdings kicked off with a strong debut, bringing the index up through a share price increase of 12.38 percent.
The closing price stood at SR118 ($31.5), up from SR105.
A top six-day performance was shown in Sadr Logistics as its stock price rose from SR65.62 on Nov.30 to SR114.6 at Wednesday’s closing bell, a record high for the company.
Among the top gainers, Baazeem Trading Co. was up 9.87 percent, rising for the sixth day in a row.
Saudi Telecom Co., or stc, gained two percent following the company’s decision to increase its secondary public offering size to 120 million shares representing 6 percent of its capital.
One of Saudi’s biggest players, Al Rajhi Bank declined two percent to close at SR135.8.
Bank Saudi Fransi and CHUBB Arabia Insurance Co. dragged the index down, falling 4.51 percent and 4.13 respectively.Saudi Arabia Refineries Co. lost SR5.8 of its four-day gains, down 3.9 percent.
10:31 Saudi time: TASI, Nomu almost flat in morning trading: Opening bell
RIYADH: Saudi exchange’s main indexes opened slightly higher on Wednesday. TASI and Nomu were up around 0.2 percent.
On its first day trading on the main market, Saudi Tadawul Group’s stock came on top of the index’s gainers, rising 11.43 percent to SR116.8 ($31.14).
Shares of Sadr Logistics jumped ten percent for a fourth consecutive day.
Wafrah for Industry remained resilient in the green zone with its share price climbing 5.31 percent.
Aseer Trading, Tourism and Manufacturing Co. gained four percent, following its decision to sign for SR200 million short-term revolving debt, or Murabaha.
Among the lowest-performing stocks, CHUBB Arabia Insurance Co. and Saudi Advanced Industries Co. saw declines of 2.84 percent and 1.93 percent respectively.
Taiba Investments Co. signed a memorandum of understanding with Shuaa Capital Company to buyout Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah’s parent companies.
Somou Real Estate Co. announced the launch of Al-Danat Resort project in AlKhobar with First Gulf Real Estate Co.
The project will cover an area of more than one million square meters and is expected to boost the company’s profits, according to a bourse filing.
09.15 Saudi time: Factors to watch before Wednesday opening bell: Premarket
RIYADH: The outlook for the Saudi stock exchange remains unraveled amid COVID-19 concerns. However, market signals have shown a positive trend with Tadawul’s main index TASI ending in green in four out of five sessions.
TASI last closed 0.79 percent higher at 11,108.2 points whereas parallel market Nomu rose 1.13 percent to close at 23,450.29 points.
Stocks on the uptrend were topped by Sadr Logistics and Wafrah for Industry & Development.
Sadr is now trading at a three-year high of SR104.2 ($27.8). It saw an increase of 54.23 percent in two weeks.
Wafrah for Industry’s share price climbed for the seventh day in a row to close at SR143, up from SR99.5.
In the Saudi insurance sector, Enaya Insurance and Amana Cooperative insurance last closed in the green zone, recuperating Sunday losses.
Shares of the two insurance firms have jumped significantly since Nov. 23, up 26.27 percent and 23.3 percent respectively.
TASI was dragged down by a 7.08 percent decline in Petro Rabigh’s stock value in the prior session, following the company’s capital decrease and rights issue recommendation.
Al Sagr Insurance signed a contract worth SR20.4 million with Maharah Human Resources Co. to grant health insurance services to the company’s employees and their families.
Saudi Real Estate Co. sold SR137.34 million worth of land in Al-Malqa district, Riyadh.
Aseer Trading, Tourism and Manufacturing Co. applied for a SR200 million short-term revolving Murabaha from the Saudi Investment Bank. Murabaha is a mode of debt financing that complies with the sharia concept.
Saudi Telecom Co., stc, increased its secondary public offering size to 120 million shares representing six percent of stc’s capital, up from 100.2 million shares.
stc’s secondary share subscription period will end on Dec. 8 for retail tranche, while for participating parties the subscription deadline is Dec. 9.
The price range was set between SR100 and SR116 per share.
Jahez International Co. received the Capital Market Authority’s approval to increase its initial public offering on Nomu parallel market from 13 percent to 18 percent of its share capital.
The offering period will commence on Dec.23 and end on Dec.26.
Shares of Saudi Tadawul Group Holding will start trading on the main market on Dec.8.
Tadawul signed a memorandum of understanding with Muscat Stock Exchange, or MSX, to strengthen their bilateral relations and create a conducive trading environment for investors.
Dec. 9 is the last day to subscribe to Maadaniyah’s new shares.