RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 103.93 points, or 0.86 percent, to close at 11,959.07.
The total trading turnover of the benchmark index was SR9.67 billion ($2.58 billion) as 57 stocks advanced, while 167 retreated.
On the other hand, the Kingdom’s parallel market, Nomu, rose 101.20 points, or 0.41 percent, to close at 24,617.06. This comes as 24 of the listed stocks advanced, while as much as 36 retreated.
Meanwhile, the MSCI Tadawul Index slipped 19.14 points, or 1.22 percent, to close at 1,549.09.
The best-performing stock of the day was MBC Group Co. The company’s share price surged 9.98 percent to SR66.10.
Middle East Paper Co. as well as Ayyan Investment Co. also performed well.
The worst performer was Al-Baha Investment and Development Co. whose share price dropped by 6.67 percent to SR0.14.
Other poor performers included Arabian Pipes Co. as well as Tourism Enterprise Co.
On the announcements front, Almasane Alkobra Mining Co. revealed the decision of its board of directors to appoint Al Rajhi Capital as market maker for the company shares.
According to a Tadawul statement, this move comes to support the firm’s liquidity in shares trading.
The appointment will be for six months from the effective date of the agreement; yet the decision is subject to the approval of the designated authorities.
Banque Saudi Fransi has announced the commencement of the offer to issue US dollar-denominated certificates under the Trust Certificate Issuance Program.
A bourse filing revealed that the announcement comes following the institution’s statement on Wednesday on its intention to issue the certificates.
The certificates are set to be issued through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom and internationally.
While the amount and terms of offer of the certificates will be determined subject to market conditions, the minimum subscription amount stands at $200,000 and in increments of $1,000 in excess thereof.
In addition to this, the certificates may be redeemed prior to the scheduled maturity date in certain cases as detailed in the Base Offering Circular in relation to certificates and the Trust Certificate Issuance Program.
Meanwhile, Saudi Tadawul Group Holding Co. announced that it has entered into a binding sale and purchase agreement with DME Holdings Ltd. and its existing shareholders to acquire a 32.6 percent shareholding in the latter.
According to a Tadawul statement, the group will invest SR107 million by the stake acquisition representing a combination of new and existing shares.
