The Saudi stock market, also known as Tadawul All Share Index (TASI), experienced a positive day on Monday with a gain of 0.91%, or 108.17 points, reaching an impressive milestone of 12,000.92 points.
Market Overview
- The total trading turnover of the benchmark index was SR5.1 billion ($1.3 billion).
- A total of 172 listed stocks advanced, while 65 retreated.
- This represents a significant increase in trading activity and a shift towards positive sentiment among investors.
Index Performance
MSCI Tadawul Index
The MSCI Tadawul Index, which serves as a benchmark for foreign investors, also saw an increase of 11.41 points (0.76%) to close at 1,505.97.
Nomu Market
The Kingdom’s parallel market, Nomu, reported increases with a gain of 460.61 points (1.48%) to close at 31,513.42. Out of the listed stocks, 39 advanced, while as many as 47 retreated.
Top Performers
Some notable companies that contributed significantly to the positive gains include:
- Saudi Reinsurance Co.: With a 10% increase in its share price to reach SR51.70.
- Saudi Industrial Development Co.: An 8.98% increase to reach SR30.95.
- Walaa Cooperative Insurance Co.: A 7.42% increase to reach SR19.68.
Middle East Specialized Cables Co.
This company also recorded a positive trajectory with a 6.17% increase in its share price to reach SR43.90.
Fawaz Abdulaziz Alhokair Co.
This company witnessed gains, reaching SR12.84 after an increase of 5.07%.
Worst Performers
However, there were also some companies that faced declines:
- Alkhaleej Training and Education Co.: The worst performer with a share price falling by 3.26% to reach SR31.15.
- Sustained Infrastructure Holding Co.: A notable decline of 2.86% to settle at SR32.25.
Other Notable Companies
Other companies that saw declines include:
- National Medical Care Co.: A decline of 2.11% to reach SR167.40.
- Elm Co. and Arriyadh Development Co., with shares dropping by 2.06% and 2.03%, respectively.
Recent Developments
Some recent announcements on the market include:
- WSM for Information Technology Co.: Finalized its acquisition of Wasl Technology Information Systems Limited Co., marking a transaction valued at SR8.5 million.
- Waja Co.: Signed a Shariah-compliant bank facility agreement with Alinma Bank, securing financing worth SR16 million.
Impact on the Market
These developments are expected to have a positive impact on the market, expanding WSM’s technology capabilities and strengthening its presence in the IT sector. Additionally, Waja Co.’s move is aligned with its strategy to enhance financial capabilities while adhering to Islamic banking principles, which should improve its liquidity and operational flexibility.
Conclusion
In conclusion, Monday’s trading session was a positive one for Saudi Arabia’s stock market, with significant gains across various indices and stocks. The overall sentiment among investors remains upbeat, driven by the growing economy and increasing investor confidence in the Kingdom’s market prospects.