RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward trend for the second consecutive day, as reigning oil prices raised investor confidence.
On Monday, the benchmark index gained 71.63 points or 0.64 percent to close at 11,293.59.
The total trading turnover of the benchmark index was SR6.38 billion ($1.70 billion) as 125 listed stocks advanced, while 75 retreated.
Brent crude futures were at $77.92 a barrel, up $1.79, or 2.35 percent, at 3:30 p.m. Saudi time, while US West Texas Intermediate crude climbed $1.83 or 2.55 percent to $73.57 a barrel.
While parallel market Nomu fell 124.49 points to 21,316, the MSCI Tadawul Index rose 0.45 percent to close at 1,496.92.
Elm Co. was the best performer of the day, as its share price surged 9.98 percent to SR500.49.
Elm Co., in a statement to Tadawul, announced that it is carrying out preliminary talks with Thiqah Business Services Co. to buy Public Investment Fund’s entire ownership in Thiqah.
Elm Co. added that these talks do not imply that the acquisition deal will be conclusive.
Other top performers were Arabian Internet and Communications Services Co. and Etihad Atheeb Telecommunication Co., whose share prices advanced by 5.80 percent and 5.27 percent, respectively.
The worst performer of the day was Saudi Marketing Co. The company’s share price dropped by 2.19 percent to SR29.05.
On the announcements front, Tourism Enterprises Co., also known as Shams, said it had named Mohannad Saleh Alonaizan as the firm’s new CEO, effective July 1.
