RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 20.98 points, or 0.19 percent, to close at 11,055.96.
The total trading turnover of the benchmark index was SR6.26 billion ($1.67 billion) as 98 of the listed stocks advanced, while 114 retreated.
The Kingdom’s parallel market Nomu rose 58.5 points, or 0.26 percent, to close at 22,690.31. This jump came as 32 of the listed stocks advanced while 19 retreated.
Similarly, the MSCI Tadawul Index dropped 4.85 points, or 0.34 percent, to 1,415.67.
The best-performing stock of the day was Etihad Atheeb Telecommunication Co. The company’s share price surged 9.97 percent to SR128.
Other top performers include The Co. for Cooperative Insurance and Saudi Pharmaceutical Industries and Medical Appliances Corp., whose share prices soared 6.06 percent and 5.53 percent to SR126 and SR35.30, respectively.
The worst performer was Sinad Holding Co. The firm’s share price dropped 3.61 percent to SR11.74.
Others to see falls were Almunajem Foods Co. and National Agricultural Development Co., whose share prices dropped 3.04 percent and 2.76 percent to SR70.20 and SR47.50, respectively.
On the announcements front, International Human Resources Co. has announced the approval of the board of directors to move to the primary market.
According to a statement to Tadawul, the move to the main market is subject to the approval of the Saudi Stock Exchange. It is also conditional on fulfilling all requirements stipulated in the listing rules.
On another note, Allianz SE notified Allianz Saudi Fransi Cooperative Insurance Co. of its decision to sell all its shares in the firm that it indirectly holds through its three subsidiaries.
Allianz Europe BV, Allianz France SA. and Allianz MENA Holding represent 51 percent of the company’s share capital to Abu Dhabi National Insurance Co.
A bourse filing revealed that the three subsidiaries entered into a legally binding sale and purchase agreement with ADNIC, in which the firm will acquire the sale shares at a total price of SR499 million.
Meanwhile, Saudi AZM for Communication and Information Technology Co. has disclosed its annual financial results for the period ending on June 30.
According to a bourse filing, the firm’s net profit reached SR23.96 million, reflecting a 325.52 increase compared to the SR19.09 million recorded in the previous year.