The Saudi stock market continued its upward trend on Tuesday, with the Tadawul All Share Index gaining 35.58 points, or 0.30 percent, to close at 12,036.50. This marks the third consecutive day of growth for the benchmark index.
Market Performance
- The total trading turnover of the benchmark index was SR5.75 billion ($1.53 billion), with 167 listed stocks advancing while 63 declined.
- The parallel market Nomu shed 37.70 points to close at 31,475.72.
- The MSCI Tadawul Index gained 3.34 points to end trading at 1,509.31.
Top Gainers and Losers
Top Gainers
- Riyad REIT Fund: Its share price surged by 6.42 percent to SR6.80, making it the best-performing stock of the day.
- Al-Babtain Power and Telecommunication Co.: Its share price rose by 4.84 percent to SR39.
- Red Sea International Co.: Its share price increased by 4.59 percent to SR61.50.
Top Losers
- Saudi Industrial Development Co.: Its share price decreased by 4.36 percent to SR29.60.
- Albattal Factory for Chemical Industries Co.: Its share price dropped by 3.17 percent to SR61, as it made its debut in the parallel market on Tuesday.
Announcements and Developments
Shareholder Approval
- Saudi Arabian Cooperative Insurance Co. announced that its shareholders approved the recommendation to use part of the firm’s statutory reserve balance amounting to SR43.69 million to fully offset its accumulated losses.
- The insurance company said that its accumulated losses totaled SR39.09 million by the end of the third quarter of this year, accounting for 13.03 percent of the firm’s capital.
- The stock value of Saudi Arabian Cooperative Insurance Co. dropped by 1.64 percent to SR15.64.
Initial Public Offering (IPO)
- ITMAM Consulting Co. has set the price range for its potential initial public offering on the Kingdom’s parallel market between SR13 and SR15 per share.
- The book-building process will begin on January 5 and run through January 12, according to a statement from financial adviser Yaqeen Capital.
Market Analysis
The continued growth of the Tadawul All Share Index is a positive sign for the Saudi stock market. The increase in trading turnover and the advancement of 167 listed stocks indicate a strong demand for shares among investors.
The parallel market Nomu’s decline may be attributed to various factors, including market volatility or changes in investor sentiment. However, it is essential to note that the MSCI Tadawul Index gained points, indicating overall growth.
The top gainers and losers in the market provide insight into the stocks that are performing well and those that are struggling. Investors should carefully analyze these trends to make informed decisions about their investments.
The announcements from Saudi Arabian Cooperative Insurance Co. and ITMAM Consulting Co. highlight the importance of transparency and disclosure in the stock market. The use of part of the firm’s statutory reserve balance to offset accumulated losses demonstrates a commitment to maintaining a healthy capital structure.
The upcoming IPO of ITMAM Consulting Co. is an exciting development for the Saudi stock market. The potential listing will provide investors with an opportunity to participate in the growth of a new company and contribute to the overall diversification of the market.
In conclusion, the continued upward movement of the Tadawul All Share Index is a positive indicator for the Saudi stock market. Investors should remain vigilant and monitor market trends carefully to make informed decisions about their investments.
Key Statistics
- Tadawul All Share Index: 12,036.50
- Nomu: 31,475.72
- MSCI Tadawul Index: 1,509.31
- Trading Turnover: SR5.75 billion ($1.53 billion)
- Number of Advancing Stocks: 167
- Number of Declining Stocks: 63
Sources
