RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward movement for the second consecutive day, as it gained 4.31 points or 0.04 percent to close at 11,596.
The total trading turnover of the benchmark index was SR5.82 billion ($1.55 billion), with 82 of the listed stocks advancing and 171 declining.
The Kingdom’s parallel market, Nomu, however, shed 113.94 points or 0.44 percent to close at 25,689.28.
The MSCI Tadawul Index edged up by 0.25 percent to 1,510.45.
The best-performing stock on the main market was Abdullah Saad Mohammed Abo Moati for Bookstores Co. The firm’s share price increased by 4.97 percent to SR49.80.
The share price of Al Mawarid Manpower Co. rose by 4.38 percent to SR138.10.
Rabigh Refining and Petrochemical Co. also saw its stock price climb by 4.37 percent to SR8.59.
Conversely, the share price of Naseej International Trading Co. declined by 8.25 percent to SR71.15.
Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, also saw a decline with its share price dropping by 3.69 percent to SR25.04.
On the announcements front, Balady Poultry Co. said that it signed two land lease agreements with Saudi Arabia’s Ministry of Environment, Water and Agriculture for a period of nineteen Hijri years — approximately 18 years and 6 months.
Under the contract, the company secured two land plots in Wadi Al-Dawasir, Riyadh, spanning an area of 27.7 million meters and 23 million meters, for an annual rent of SR222,619 and SR190,274, respectively.
Through this investment, the firm aims to ramp up the production of broiler chickens, with most barns expected to be dedicated to the production of heavy-weight broiler chickens.
Balady Poultry Co. said that the move aligns with the firm’s wider strategy to expand the poultry business with investments exceeding SR1.14 billion.
The company added that the investment will achieve a good rate of return that will be positively reflected on the company’s financial statements once the facilities start operations.
The share price of Balady Poultry Co. edged up by 1.64 percent to SR154.50.
Source: www.arabnews.com