Saudi bourse slowly recovers from a 19-month low in a volatile market: Closing bell

Saudi bourse slowly recovers from a 19-month low in a volatile market: Closing bell
Of the 219 companies listed in TASI, 123 advanced, while 80 declined. (Shutterstock)
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Updated 08 December 2022
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Saudi bourse slowly recovers from a 19-month low in a volatile market: Closing bell

Saudi bourse slowly recovers from a 19-month low in a volatile market: Closing bell

RIYADH: Saudi Arabia’s benchmark index, known as the Tadawul All Share Index, started showing signs of recovery on Thursday, after falling to a 19-month low on Wednesday.

On Thursday, TASI gained 61 points to close at 10,246, while the parallel market Nomu closed at 18,767, up 39 points.

Of the 219 companies listed in TASI, 123 advanced, while 80 declined.

On Thursday, share prices of Saudi Arabian Cooperative Insurance Co. rose 9.85 percent to lead the gainers, followed by Astra Industrial Group and Saudi British Bank which went up 3.78 percent and 3.66 percent respectively.

Tourism Enterprise Co. led the fallers, as it was down 7.42 percent at the end of Thursday’s trading session.

Other fallers include Nahdi Medical Co. and Saudi Tadawul Group Holding Co. which went down 5.52 percent and 4.57 percent respectively.

On Thursday, Tadawul announced that shares of Americana Restaurants International will be listed for trading on Dec.12. as a concurrent and dual listing in Saudi Arabia and UAE.

According to a statement, the daily price fluctuation limits will not be applied to the company’s shares during the first three days of listing, while the +/- 10 percent static price fluctuation limits will be applicable.

The statement further noted that the daily price fluctuation limits of -/+ 10 percent will be applied from the fourth day of trading, while the static price fluctuation limits will be no longer applicable.

Meanwhile, ACWA Power’s wholly owned subsidiary, ACWA Power Management and Investments One Limited, known as APMIOne, has purchased ACWA39 bonds at $400.7 million in total value before amortization at the early settlement date.

In a statement to Tadawul, the company noted that no other bonds were offered after the early tender deadline, and as a result, there will be no final settlement date.

The statement further added that the total pre-amortization aggregate principal amount of bonds that will remain outstanding after the expiration date is $413.3 million.

On Thursday, Saudi Aramco, one of the biggest energy producers in the world was down 1.10 percent.

In the banking sector, stock prices of Alinma Bank went down 0.63 percent, while Al Rajhi Bank went up 1.35 percent.