RIYADH: Saudi Arabia’s Tadawul All Share Index edged higher on Monday, rising by 47.67 points, or 0.39 percent, to close at 12,379.54.
The benchmark index saw a total trading turnover of SR6.3 billion ($1.7 billion), with 116 of the listed stocks advancing, while 117 declined.
The MSCI Tadawul Index also gained 5.22 points, or 0.34 percent, to finish at 1,551.75. In contrast, the Kingdom’s parallel market, Nomu, ended the day lower, losing 281.88 points, or 0.89 percent, to close at 31,318.24, with 43 stocks advancing and 45 retreating.
Thimar Development Holding Co. emerged as the best-performing stock of the day, with its share price jumping 10 percent to SR51.70.
Other notable gainers included Arabian Pipes Co., which saw a 6.37 percent increase to SR13.36, and Middle East Specialized Cables Co., which rose by 4.95 percent to SR47.75.
Saudi Reinsurance Co. and ACWA Power Co. also posted solid gains, with their share prices surging by 4.82 percent and 4.41 percent, respectively, to SR58.70 and SR435.20.
Alamar Foods Co. saw the sharpest decline, with its share price dropping 3.33 percent to SR78.50. Nice One Beauty Digital Marketing Co. and Naseej International Trading Co. also recorded losses, with their shares slipping 2.91 percent and 2.60 percent, respectively, to SR56.80 and SR97.30.
Saudi Industrial Investment Group saw a 2.40 percent dip, closing at SR17.90, while Riyadh Cables Group Co. dropped 2.34 percent, settling at SR141.80.
Meyar Co. secured SR5.5 million in financing from Riyadh Bank to support its business expansion and enhance operational efficiency.
According to a bourse filing, the five-year financing agreement is part of the bank’s guarantee and bills program. The funds will be used to expand Meyar’s operations, develop production lines, and strengthen supply chains to boost overall efficiency. The investment aligns with the company’s strategic goals of increasing productivity and scaling its operations.
On the market, Meyar saw a 5.06 percent increase in its share price, reaching SR70.60.
Saudi Top Trading Co. announced the completion of construction at its West Coast Factory, which is set to begin trial production in the first quarter of 2025.
Located at the Rabigh PlusTech Park, the factory will start receiving raw materials, including polymer scrap, rubber, and synthetic wax, from Rabigh Refining and Petrochemical Co. This development follows a memorandum of understanding signed with Petro Rabigh in December 2022.
Under the MoU, Saudi Top Trading secured a 30-year lease on a site to produce 50,000 tonnes annually of polymer compounds, rubber, and waxes. With construction now completed, Saudi Top Trading is poised to enhance its production capabilities and leverage its partnership with Petro Rabigh.
Source: www.arabnews.com