RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 159.53 points, or 1.34 percent, to close at 12,080.47.
The total trading turnover of the benchmark index was SR9.47 billion ($2.52 billion), as 152 of the stocks advanced and 73 retreated.
The Kingdom’s parallel market Nomu slipped 25,337.96 points, or 1.01 percent, to close at 25,337.96.
This came as 30 of the listed stocks advanced, while 41 retreated.
The MSCI Tadawul Index gained 21.02 points, or 1.41 percent, to close at 1,507.65.
The best-performing stock of the day was Etihad Atheeb Telecommunication Co., whose share price surged 7.95 percent to SR95.
Other top performers were Red Sea International Co. as well as Saudi Automotive Services Co.
The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 5.88 percent to SR0.16.
Other fallers were Saudi Enaya Cooperative Insurance Co. and Saudi Industrial Development Co.
On the announcements front, the United Cooperative Assurance Co. announced that it had received a confirmation statement that the firm’s activities are consistent with the specifications of Shariah, as stipulated by the relevant supervisory committee.
Those include separation of accounts and investments for both shareholder and policyholder pools, and insurance policies.
Retal Urban Development Co. announced the selling of its 33.33 percent share of land in Al-Khobar City for SR21 million to Remal Park Fund, an affiliate company, to issue new units in the fund in addition to the existing units owned by the company.
A bourse filing revealed that the purpose of the transaction is to increase the leasable area of the project by merging the entire land of this transaction to the rest of the project’s holdings, which will reflect positively on both the company’s and the fund’s investment.
The transaction is expected to have a positive impact on Retal’s results for 2024 until 2028. This comes as the increase in the company’s investment returns will be a result from both maximizing the fund’s returns and the increase in the development management fees for the firm.
