Closing bell: Saudi benchmark index continues its upward momentum, edges up 0.28%

RIYADH: Saudi Arabia’s Tadawul All Share Index on Tuesday gained 29.83 factors — or 0.28 p.c — to shut at 10,795.60. 

Whereas MSCI Tadawul 30 Index edged up 3.37 factors to shut at 1,495.84, the parallel market Nomu slumped 187.73 factors to finish at 19,164.59. 

TASI’s complete buying and selling turnover of the benchmark index on Tuesday was SR3.57 billion ($950 million), with 112 shares of the listed 223 advancing and 90 falling. 

Gulf Normal Cooperative Insurance coverage Co. was the topmost gainer of the day, which rose 9.97 p.c to SR7.61. The opposite prime gainers have been Tihama Promoting and Public Relations Co., United Cooperative Assurance Co., Arabian Drilling Co., and Maharah Human Assets Co. 

The worst performer on Tuesday was Saudi Superior Industries Co., which fell 3.12 p.c to SR31.05. As well as, pipe producer Saudi Arabian Amiantit Co., garment agency Thob Al Aseel Co. and meals retailer Savola Group fell by 2 p.c every to shut at SR41.65, SR38.95 and SR29.20, respectively. 

Amongst sectoral indices, 12 of the 21 listed on the inventory change declined whereas the remaining superior. The Diversified Financials Index was the highest performer because it rose 1.32 p.c to six,278.99 because of Saudi Tadawul Group Holding Co., which jumped 2.76 p.c to SR171.20. Funding companies agency Kingdom Holding Co. additionally elevated marginally to SR7.92.   

The Shopper Durables & Attire Index was the worst-performing sector of the day because it dropped 1.08 p.c to 4,519.07. All key constituents apart from Lazurde Co. for Jewellery weighed down on the index. 

On the bulletins entrance, Saudi Funding Financial institution on Tuesday knowledgeable the inventory change that it elevated the scale of the Tier 1 sukuk program to SR5 billion from SR2 billion, in response to this system’s paperwork. 

The financial institution intends to situation Saudi riyal-denominated Tier 1 sukuk underneath this system by means of personal placement in Saudi Arabia. 

In accordance with the assertion, the issuance’s precise worth and phrases will likely be decided later, topic to market situations. It added that the supply goals to boost the Tier 1 capital and fulfill the financial institution’s monetary and strategic wants. 

The financial institution mandated Alistithmar Capital because the lead supervisor and book-runner for the potential supply. The share worth of SIB fell 1.92 p.c to SR17.36. 

Al Moammar Data Programs Co. additionally introduced that it bagged an SR49.64 million contract from the Board of Grievances to function and handle digital companies and computer systems. 

In an announcement to Tadawul, the corporate mentioned the challenge contains offering a extremely certified staff to supply advisory companies, upkeep work and assist. Its share worth elevated by 1.81 p.c to SR95.6. 

Edarat Communication and Data Expertise on Jan. 23 awarded a cloud companies challenge with the Authorities Expenditure & Tasks Effectivity Authority, it advised Tadawul. 

The corporate mentioned the authority would signal a framework settlement for one yr after the award. Edarat’s share worth surged 4.51 p.c to SR283. 

In the meantime, Jabal Omar Improvement Co. acquired on Jan. 23 an order issued by Zakat, Tax and Customs Authority to execute the Attraction Committee for Zakat and Tax Violations and Disputes’ choice for the years 2012–2018, at a complete worth of SR 357 million. 

The corporate knowledgeable the change that, in compliance with the foundations and rules of the Normal Secretariat of the Zakat, Tax and Customs Committees, it’ll submit a petition to request the Attraction Committee to rethink the choice. Its share worth slipped 1.42 p.c to SR18.06.