RIYADH: Rebounding after two days of decline, Saudi stocks closed higher on Tuesday with the benchmark index climbing 34.73 points or 0.31 percent.
Saudi Arabia’s Tadawul All Share Index closed at 11,070.77 with a total trading turnover recorded at SR5.86 billion ($1.56 billion) as 117 of the stocks advanced, while 94 declined.
Nomu, the Kingdom’s parallel market, edged up by 119.67 points to 22,409.39 and the MSCI Tadawul Index also went up by 0.52 percent to close at 1,426.45.
Thimar Development Holding Co. emerged as the best-performing stock on the main market, as its share price soared by 9.92 percent to SR28.25.
The share price of Filing and Packing Materials Manufacturing Co. hit a 52-week high of SR54.40. The company closed the day’s trading at SR54, up 7.09 percent compared to the opening value.
Al-Baha Investment and Development Co. performed poorly with its share price retreating by 6.25 percent to SR0.15.
The best-performing stock on Nomu was Molan Steel Co with its share price soaring by 8.72 percent to SR5.11.
On the announcements front, Saudi Arabia’s Capital Markets Authority on Monday said that it has approved the request from Arabian Shield Cooperative Insurance Co. to increase its capital from SR638.52 million to SR798.15 million by issuing 15.96 million ordinary shares.
According to a statement issued by the regulator, the capital hike is aimed at merging Alinma Tokio Marine Co. with Arabian Shield Cooperative Insurance Co.
The deal will also see the transfer of all the assets of Alinma Tokio Marine Co. and liabilities to Arabian Shield Cooperative Insurance Co. through a share swap.
Meanwhile, Professional Medical Expertise Co., listed on the Kingdom’s parallel market said that it has renewed and raised its existing credit facility with Banque Saudi Fransi.
According to a Tadawul statement, both parties agreed to renew the SR40 million credit facilities of 2022 and signed a deal to increase the contract by SR10 million, thus bringing the overall credit facility to SR50 million.