RIYADH: Saudi Arabia’s Tadawul All Share Index experienced a slight rise on Thursday, gaining 51.33 points, or 0.46 percent, to close at 11,225.35.
The benchmark index saw a total trading turnover of SR6.1 billion ($1.62 billion), with 107 listed stocks advancing and 107 retreating.
Moreover, the parallel market Nomu witnessed an increase of 399.17 points, or 1.70 percent, to end the day at 23,949. The market had 24 listed stocks advancing and 31 retreating.
The MSCI Tadawul Index also saw an increase, inching up by 4.56 points, or 0.32 percent, to close at 1,439.56.
TASI’s top performer was Development Works Food Co., which saw its share price surge by 9.92 percent to SR135.20.
Other significant gainers included Al-Omran Industrial Trading Co. and National Agricultural Development Co., with their share prices rising by 7.99 percent and 5.66 percent to SR37.85 and SR28, respectively. Leejam Sports Co. and ACWA Power Co. also reported strong performances.
Conversely, Al-Baha Investment and Development Co. experienced a decline, with its share price dropping by 6.67 percent to SR0.14.
Taiba Investments Co. and Savola Group also faced downturns, with their share prices decreasing by 5.35 percent and 3.38 percent to SR25.65 and SR38.55, respectively. Arabian Pipes Co. and Saudi Reinsurance Co. were among the day’s worst performers.
On the announcement front, Riyadh Cables Group Co. has completed the second phase of its share buyback program, designed to support its long-term employee stock incentive program.
The buyback, which occurred between Oct. 31 and Nov. 30, 2023, saw the repurchase of 252,500 shares, amounting to SR18.89 million, at an average price of SR74.82 per share, as per the company’s announcement to Tadawul.
This step is part of a 12-month plan that commenced following approval at the company’s extraordinary general meeting.
Following this phase, Riyadh Cables’ treasury now holds 282,500 shares, acquired at an average price of SR74.68 each.
The company has indicated that this buyback process is not expected to have a significant impact on its financial results. This move aligns with Riyadh Cables’ strategy to invest in its workforce while ensuring the company’s continued financial stability and growth.