RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 405.89 points, or 3.66 percent, to close at 11,502.54.
The total trading turnover of the benchmark index was SR8.32 billion ($2.21billion), as 244 of the listed stocks advanced, while only 7 retreated.
This aligns with the rebound in global stock markets following US President Donald Trump’s announcement of a 90-day pause on the reciprocal tariffs introduced earlier this month. The pause applies to all US trade partners except China, which now faces a tariff rate of 125 percent — up from 104 percent.
The MSCI Tadawul Index increased by 53.37 points, or 3.79 percent, to close at 1,462.83.
The Kingdom’s parallel market Nomu also rose, gaining 554.66 points, or 1.96 percent, to close at 28,924.55. This came as 68 of the listed stocks advanced, while 22 retreated.
The best-performing stock was Saudi Paper Manufacturing Co., with its share price surging by 10 percent to SR66.
Other top performers included Saudi Chemical Co., which saw its share price rise by 9.99 percent to SR8.26, and Ataa Educational Co., which saw a 9.95 percent increase to SR69.60.
The National Co. for Learning and Education saw the largest decline of the day, with its share price easing 0.86 percent to SR160.60.
SEDCO Capital REIT Fund fell 0.55 percent to SR7.29, while Al-Jouf Agricultural Development Co. slipped 0.22 percent to SR46.25.
On the announcements front, the Ordinary General Assembly of SABIC approved the business and contracts between SABIC Industrial Investments Co., an affiliate of the company, and Ma’aden.
The deal involved SABIC Industrial Investments Co. selling its 20.62 percent stake in ALBA Co., totaling 292.8 million common shares, to Ma’aden for 363.08 million Bahraini dinar ($963.2 million), with no preferential terms.
Additionally, the Assembly authorized the board to distribute interim dividends quarterly or semi-annual for the fiscal year 2025.
SABIC’s shares traded 0.83 percent higher today on the main market to reach SR60.60. Similarly, Ma’aden’s shares traded 4.63 percent higher on the main market, reaching SR42.90
Source: www.arabnews.com