RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 26.20 points, or 0.24 percent, to close at 10,982.30.
The benchmark index saw a total trading turnover of SR4.67 billion ($1.24 billion), with 144 stocks advancing and 111 declining.
The Kingdom’s parallel market Nomu also gained 19.22 points to close at 22,743.13.
The MSCI Tadawul Index edged up 0.07 percent to 1,468.68.
Saudi Automotive Services Co. was the best-performing stock of the day, with its share price rising 10 percent to SR46.42.
The share price of Tabuk Agricultural Development Co. increased 5.87 percent to SR6.49. Savola Group also saw its stock price climb 4.77 percent to SR27.22.
Conversely, the share price of Bupa Arabia for Cooperative Insurance Co. declined 4.04 percent to SR168.70.
On the announcements front, Alinma Bank said it is planning to issue a perpetual, dollar-denominated Additional Tier 1 capital sukuk under its capital sukuk issuance program.
In a Tadawul statement, the financial institution added that the issuance is expected to be conducted through a special purpose vehicle by offering the securities to eligible investors in the Kingdom and international markets.
The amount and terms of the offer will be determined based on market conditions.
Alinma Bank further said the purpose of the offering is to strengthen its Tier 1 capital base and support general banking purposes.
The bank has mandated Abu Dhabi Islamic Bank, Alinma Capital, Arqaam Capital, and ASB Capital, as well as Citigroup, DBS, Emirates NBD, and First Abu Dhabi Bank, as lead managers for the proposed offer.
Other lead managers include Goldman Sachs, J.P. Morgan, Mashreqbank through its Islamic banking division, Standard Chartered, and Warba Bank.
The bank added that it will announce any further material developments to shareholders in due course, in line with relevant rules and regulations.
The share price of Alinma Bank edged up 0.13 percent to SR23.63.
