RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, slightly gaining 6.99 points, or 0.06 percent, to close at 12,194.43.
The total trading turnover of the benchmark index was SR7.57 billion ($2.02 billion) as 133 of the stocks advanced, while 90 retreated.
The Kingdom’s parallel market Nomu edged up 618.03 points, or 2.38 percent, to close at 26,578.37.
This comes as 41 of the listed stocks advanced, while 31 retreated.
The MSCI Tadawul Index also slightly gained 1.40 points, or 0.09 percent, to close at 1,524.12.
Herfy Food Services Co. was the top performer of the day, with its share price rising 9.92 percent to SR26.60.
Other notable gainers included CHUBB Arabia Cooperative Insurance Co. and Al-Rajhi Co. for Cooperative Insurance.
Buruj Cooperative Insurance Co.’s share price fell 2.82 percent to SR23.42, while Raydan Food Co. and Ataa Educational Co. were also among the worst performers.
On the announcements front, East Gas has submitted a special request to the Capital Market Authority to list 20 percent of its capital on the parallel market, ahead of a future listing on the Nomu Market.
This move follows an announcement by Amiantit, which holds a 13 percent stake in East Gas and highlighted the company’s role in distributing gas to industrial cities.
The planned listing underscores East Gas’s success in the natural gas distribution sector and its crucial role in supporting infrastructure for industrial city factories.
Malath Cooperative Insurance Co. has signed a non-binding memorandum of understanding with Liva Insurance to explore a potential merger.
The proposed merger would involve issuing new ordinary shares by one company to the shareholders of the other. Both companies will conduct due diligence and negotiate the terms of the transaction. The MoU does not guarantee a final decision or the completion of the merger.
Horizon Food Co. reported a net profit of SR4.43 million for the first half of the year, a 70.06 percent increase compared to the same period in 2023, driven by higher sales.
Abdulaziz and Mansour Ibrahim Albabtin Co. announced a net profit of SR4 million, reflecting a 33.33 percent rise from the previous year.
