TASI edges down for a second consecutive day amid volatility: Closing bell

TASI edges down for a second consecutive day amid volatility: Closing bell
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Updated 09 December 2021

TASI edges down for a second consecutive day amid volatility: Closing bell

TASI edges down for a second consecutive day amid volatility: Closing bell

15.51 Saudi time: RIYADH: Saudi Arabia’s main benchmark index TASI was down 0.48 percent to 10938.88 points at the closing bell while parallel market Nomu was up slightly by 0.13 percent to close at 23594.98 points.

On the final day of new shares’s subscription, Maadaniyah ended the trading session on top of the green territory, up 10 percent to SR29.15 ($7.77).

Shares of development Work Foods rose 9.97 percent to hit a one-year high of SR251.6.

This followed the company’s recommendation to increase its capital through a rights issue worth SR216 million to diversify and scale up its activities.

Once again, Sadr Logistics outperformed to reach an all-time high share price of SR126.

Up almost seven percent, Naseej International Trading Co. and Saudi Tadawul Holding Group were among the top gainers of the day.

Tadawul Group was the highest traded stock in terms of value, with SR1 billion worth of shares traded in Thursday’s session.

The top fallers included Halwani Bros Co. and Baazem Trading Co, down 3.59 percent and 3 percent respectively.

The decline in Halwani Bros Co.’s stock was driven by reporting a lower profit for the third quarter of 2021.

Saudi Arabia’s Ayyan Investment Co. completed the acquisition of a minority interest in Al Asha Medical Services Co., representing 26.43 percent of total capital.

 

Stocks turn green in morning trading on Saudi Tadawul: Market Open

10.13 Saudi time: RIYADH: With most of the stocks on the index starting the day in the green zone, Tadawul’s TASI rose 0.39 percent in early trading.

Sadr Logistics and Naseej International Trading Co. led the top gainers, with Sadr reaching another record high of SR124 ($33).

Naseej’s gains were attributed to its recent decision to raise SR150 worth of capital to limit the accumulated losses to 19.4 percent of capital.

Wafrah for Industry remained resilient as it surged 2.23 percent in morning trading.

Among the top fallers came Batic Investment and Logistics Co. and the Mediterranean and Gulf Insurance and Reinsurance Co., MEDGULF, down slightly by 2.4 percent and 1.99 percent respectively.

Tadawul’s parallel market Nomu fell 0.26 percent to reach 23502.77 points.

 

09:09 Saudi time: Key market signals ahead of Thursday’s trading session: Premarket

RIYADH: The new coronavirus variant, omicron, has left markets, including the Saudi stock exchange, prone to volatility as investors assess the severity of the strain.

The previous month has been particularly rough, with Saudi’s main benchmark index TASI sliding down by 6.48 percent to hit 10991.8 points. TASI was down almost one percent in the latest trading session.

Meanwhile, the parallel market Nomu fell 5 percent in a month. The index’s last close amounted to 23564.11 points, up 0.49 percent intraday.

Registering the highest volume and value traded, Saudi Tadawul Holding Group came first in the top gainers on its listing day.

The share price of the group last closed at SR118 ($31.5), having traded between an intraday low of SR115.4 and an intraday high of SR127.6 on debut.

Sadr Logistics extended its gains, rising an additional ten percent to close at a record high of SR114.6 as of the previous session.

Bank Saudi Fransi led the lowest-performing stocks, down 4.5 percent.

Companies in the Kingdom’s energy sector weighed the index down with stocks of Petro Rabigh and Saudi Arabia Refineries Co. falling 2.5 percent and 3.92 percent respectively.

Petro Rabigh’s stock price declined for a second consecutive day, after a 7.8 percent fall in the prior session following the company’s capital decrease and rights issue recommendation.

Naseej International Trading Co. announced that it will raise SR150 million worth of capital to limit the accumulated losses to 19.4 percent of capital.

This came as its shares hit a 52-week low in terms of price on Dec.2.

Bank Aljazira issued a SR2 billion tier 2 sukuk with a ten-year duration and a par value of SR1 million, according to a bourse filing.

Saudi Basic Industries Corporation announced its decision to leverage organic and inorganic growth whilst strengthening capital expenditure to align with Vision 2030, according to SABIC chief Youssef Al-Benyan.

Jarir Marketing Co. launched a showroom worth SR28 million in Najran. The company’s stock has remained almost flat for a month, last closing at SR194.

Saudi Real Estate Co., or Al Akaria, sold land plots worth SR127.34 million in Riyadh.

The company expects the investment to boost its profit to SR121.9 million, according to a bourse filing.

Al Moammar Information Systems Co. won a three-year contract worth SR54.89 million to offer computer maintenance solutions for the Royal Commission for Jubail and Yanbu.

The expected date of contract signature is Feb.8, 2022.

Dec. 9 is the last day to subscribe to Maadaniyah’s new shares.

The subscription period to Saudi Economic and Development Securities Co.’s capital REIT fund will start on Dec.12 and end on Dec.16.

Batic Investment and Logistics Co.’s SR300 million rights issue trading will start on Dec.13 and end on Dec.23.

The tradable rights have been deposited into the Securities Depository Center as of Dec.9, the center announced in a bourse filing.


Saudi shipping firm Bahri starts operations of $203m water desalination project

Saudi shipping firm Bahri starts operations of $203m water desalination project
Updated 12 sec ago

Saudi shipping firm Bahri starts operations of $203m water desalination project

Saudi shipping firm Bahri starts operations of $203m water desalination project
  • Bahri said the project is expected to be finalized by the fourth quarter of 2022

RIYADH: A Saudi-based provider of logistics and transportation services, Bahri, has started trial commissioning of the first barge under its SR760 million ($203 million) deal with Saline Water Conversion Corp., or SWCC.

The barge is located near the port of Al Shuqaiq on the Western coast of the Kingdom, Bahri said in a bourse statement on Sunday.

Signed in 2019, the deal involves establishing three floating stations, to supply and transfer desalinated water from the stations to desalination tanks.

Each station will have a capacity of 50,000 cubic meters per day with a total capacity of 150,000 cubic meters a day. 

Bahri said the project is expected to be finalized by the fourth quarter of 2022 and attributed the delay in commercial operations to COVID-19 constraints.

Established in 1978, Bahri is a joint venture between Saudi Aramco and the Public Investment Fund. It owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.


Abu Dhabi takes a step towards emerging ETF industry in the Gulf region

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region
Image: Shutterstock
Updated 53 min 22 sec ago

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region
  • The fund tracks the S&P Saudi Arabia Shariah Liquid Top 30 35/20 Capped Index

RIYADH: A new investment product will allow traders in the UAE to track Saudi stocks via the local bourse — a first for the Gulf region’s fledgling ETF market.

Chimera Capital LLC, an Abu-Dhabi-based investment management firm and a subsidiary of Chimera Investment LLC, has launched its Chimera S&P Saudi Arabia Shariah Compliant Exchange Traded Fund (ETF).

The fund tracks the S&P Saudi Arabia Shariah Liquid Top 30 35/20 Capped Index, which is up 44 percent over the past year.

The gauge tracks the top 30 largest and most liquid Shariah-compliant stocks listed in Saudi Arabia.

“We are pleased to have launched our fifth ETF, which is the first to track non-UAE-listed equities. The fund will cater to the growing appetite for diversified investments among UAE and regional investors, providing them with an innovative tool to capitalize on the economic prospects of Saudi Arabia,” Sherif Salem, Chief Investment Officer – Public Markets at Chimera Capital said

The fund’s assets under management rose to 70 million dirhams ($19 million) by the end of the week, he said.

Gulf investors can choose between eight different equity-focused ETFs in the region, with three in Saudi Arabia, two in Qatar and three in the UAE.


IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave
Image: Shutterstock
Updated 23 January 2022

IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave

RIYADH: Amid a wave of initial public offerings in the Kingdom, many companies are to kick off the book-building process on Saudi Arabia’s main and parallel indexes this month.

Al Dawaa Medical Services Co. has announced its intention to debut 25.5 million shares, representing 30 percent of capital, on the main stock index, TASI.

The pharmaceutical retailer will allocate the full offer during the IPO bidding session, which will run from Feb. 13 to Feb. 17, 2022, according to a statement by the company.

Dammam-based Gas Arabian Services started the qualified investors’ book-building session today, Jan. 23, amid plans to list 790,000 shares on Saudi Arabia’s parallel market, Nomu.

The session will take place for four days until Jan. 27, 2022, the bookrunner of the offer, FALCOM Financial Services Co., said in a bourse statement.

The offering price range has been set between SR75 and SR90 per share.

Qualified investors will be entitled to the full offer of 790,000 shares and each shall subscribe to a minimum of 10 shares and a maximum of 789,990 shares.

Arabian International Healthcare Holding Co., better known as Tibbiyah, will begin the book-building process on Jan. 30. The period will last for five days, offering 5 million shares, or 25 percent of capital, on the parallel market Nomu.

Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.


Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
Updated 23 January 2022

Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
  • The Ready-made Garments Export Council has attracted 23 new factories in 2021

The value of Egyptian ready-made garment exports set an all-time high record during 2021.

They increased to $2.49 billion, up from $1.457 billion the previous year, amounting to a 41 percent increase.

The Ready-made Garments Export Council has attracted 23 new factories in 2021, with 11 facilities from small and medium factories re-attracted, the head of the council, Marie Lewis, revealed. 

Lewis added that services provided by the council are being expanded, to include promotional and marketing services. It has prepared a number of initiatives to develop e-marketing tools for its exporters.

The council has also participated in four international and local exhibitions, and has provided 33 export opportunities. It also arranged 22 bilateral meetings between its exporters and buyers.

It organised 32 workshops and training programs to enhance the export capabilities and production efficiency of the council's exporters, she added. 


MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services
Image: Shutterstock
Updated 23 January 2022

MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services

RIYADH: Saudi information technology firm Al Moammar Information Systems Co., MIS, has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co.

This followed the approval of the company’s board of directors.

As per the first contract, worth SR57 million and valid for 18 months, Edarat will provide data center services to MIS, the homegrown IT company said in a bourse statement.

In a separate announcement, MIS declared the closure of a 60-month deal valued at SR27.5 million with Edarat.

MIS signed the second deal to receive cloud hosting services as it aims to feed its helix cloud computing software, known as SaaS.

The financial impact of the agreements is expected to roll out on the company’s financial statements starting from the ongoing quarter and will last for each contract’s duration.  

Riyadh-based MIS owns 50 percent of Edarat. It was established in 1979 and marks Saudi Arabia’s first listed information technology company.