RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 74.43 points, or 0.67 percent, to close at 11,177.48.
The total trading turnover of the benchmark index was SR7.40 billion ($1.97 billion) as 124 of the listed stocks advanced, while 91 retreated.
Similarly, the Kingdom’s parallel market Nomu also rose 153.56 points, or 0.61 percent, to close at 25,235.62. This comes as 22 of the listed stocks advanced, while as much as 30 retreated.
The MSCI Tadawul Index saw a gain of 11.82 points, or 0.83 percent, to close at 1,442.03.
The best-performing stock of the day was Maharah Human Resources Co. The company’s share price surged 6.31 percent to SR64.
Other top performers included Al-Rajhi Company for Cooperative Insurance as well as Electrical Industries Co., whose share prices soared by 5.69 percent and 5.04 percent, to stand at SR171 and SR2.50 respectively.
Other leading performers included Naseej International Trading Co. and Gulf Insurance Group.
The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 6.67 percent to SR0.14.
Other poor performers were Saudi Pharmaceutical Industries and Medical Appliances Corp. as well as Jadwa REIT Saudi Fund, whose share prices dropped by 3.61 percent and 3.44 percent to stand at SR36.05 and SR12.36, respectively.
Moreover, Development Works Food Co. and National Medical Care Co. also performed badly.
On the announcements front, Saudi Cable Co. announced its annual financial results for the period ending on Dec. 31 2022.
According to a Tadawul statement, the firm’s net profits reached SR584 million in 2022, reflecting a 201.93 percent drop when compared to 2021.
The decline in net profits is mainly attributed to a liquidity issue that the firm was facing as a result of judicial enforcement orders filed against it by creditors and lenders.
Consequently, during the period, the company was unable to use its bank accounts and could not execute and produce on hand orders that obtained from the market.
On another note, on behalf of MBC Group, HSBC Saudi Arabia in its capacity as lead manager, announced the offering price range at SR23 to SR25 per share as well as the commencement of the institutional book-building period.
A bourse filing revealed that the offering comprised the issuance of 33.25 million ordinary shares for public subscription, representing 10 percent of MBC’s share capital.
Meanwhile, Lumi Rental Co. announced that it has received a purchase order from The Royal Commission for AlUla to provide vehicle rental services based on the existing contract between the two firms.
According to a Tadawul statement, the value of the purchase order is SR41.82 million and includes providing rental services for 264 vehicles by the company to RCU.