RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward trend on Monday, as it gained 84.23 points, or 0.75 percent, to close at 11,380.95.
The total trading turnover of the benchmark index was SR7.52 billion ($2 billion) as 84 stocks advanced, while 133 retreated.
Parallel market Nomu performed negatively as it dropped by 170.41 points, or 0.71 percent, to finish at 23,705.39. However, the MSCI Index edged up by 14.78 points to 1,463.16.
The best-performing stock on the main index was Alkhorayef Water and Power Technologies Co., whose share price soared by 7.79 percent to SR168.80.
Other top performers of the day included Naseej International Trading Co. and United Wire Factories Co., with their share prices surging by 6.34 percent and 4.23 percent, to reach SR57 and SR28.35, respectively.
The worst performer of the day was Al-Baha Investment and Development Co. The share price of the company dipped by 7.14 percent to SR0.13.
Saudi Enaya Cooperative Insurance Co. and Amana Cooperative Insurance Co. were also amongst the worst performers with their stocks dropping by 6.35 percent and 4.37 percent, to close at SR15.34 and SR12.70, respectively.
In Monday’s trading session, ACWA Power, one of Saudi Arabia’s leading utility companies, saw its shares climb by 4 percent, reaching SR242.
This marked the stock’s highest closing value since its initial listing, with approximately 500,000 shares traded. The company’s shares peaked at SR243.60 during the day.
On the announcement front, Al Sagr Cooperative Insurance Co. disclosed today that it has received approval from the Insurance Authority to increase its capital from SR140 million to SR300 million through a rights issue, as per a statement on Tadawul.
The approval also encompasses modifications to the company’s bylaws regarding the capital article, adapting them to reflect the new capital structure.
This authorization from the IA holds validity for one year from the date of the letter, within which the capital increase must be completed.
Al Sagr noted that it is facing difficulties determining the expected completion date for this event with the financial impact to be announced later.
Additionally, Al Sagr emphasized its commitment to meeting the requirements of all other pertinent regulatory authorities in the course of this capital increase process.
