RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 39.80 points, or 0.33 percent, to close at 12,059.53.
The total trading turnover of the benchmark index was SR3.32 billion ($885 million), as 91 of the stocks advanced and 129 retreated.
The Kingdom’s parallel market Nomu gained 72.18 points, or 0.23 percent, to close at 31,173.07. This comes as 52 of the listed stocks advanced, while 35 retreated.
The MSCI Tadawul Index lost 5.47 points, or 0.36 percent, to close at 1,513.54.
The best-performing stock of the day was Saudi Cable Co., whose share price surged 8.49 percent to SR93.30.
Other top performers included Sumou Real Estate Co., whose share price rose 6.61 percent to SR47.60, as well as Walaa Cooperative Insurance Co., whose share price surged 3.45 percent to SR18.60.
Al-Baha Investment and Development Co. recorded the biggest drop, falling 6.06 percent to SR0.31.
Riyadh Cables Group Co. also saw its stock prices fall 3.07 percent to SR145.
On the announcements front, Saudi Tadawul Group Holding Co. announced the latest development regarding the acquisition of its subsidiary, Tadawul Advanced Solutions Co., or WAMID, of 51 percent shares in Direct Financial Network Co., by announcing the acquisition of 49 percent of the entire remaining shares in Direct Financial Network Co. for SR 220.5 million.
According to a Tadawul statement, the transaction is integral to WAMID’s growth strategy, supporting the group’s ambitious strategy.
The acquisition of 100 percent of the entire shares of the issued capital of Direct Financial Network Co. will create an opportunity to build new capabilities, elevate innovation in the regional capital markets, diversify revenues, and advance the capital market.
The acquisition value will be funded by the existing Saudi Tadawul Group Holding Co. Sharia-compliant banking facilities. The transaction is also expected to have a positive financial impact on the group over time.
Saudi Tadawul Group Holding Co. ended the session at SR223, up 0.18 percent.
Mufeed Co. announced that its board of directors has decided to distribute SR33 million in cash dividends to shareholders for the first half of 2024.
A bourse filing revealed that the total number of shares eligible for dividends amounted to 6.6 million, with the dividend per share at SR5. The statement also revealed that the percentage of dividends to the share par value stood at 50 percent.
Mufeed Co. ended the session at SR76 down 10.81 percent.
Salama Cooperative Insurance Co. announced the period for rights issue trading and new shares subscription from Dec. 17-29.
According to a Tadawul statement, holders of rights may exercise their right to subscribe to new shares, in full or in part, up to the number of rights available in their portfolios. Trading rights and subscribing to new shares will be conducted according to the terms outlined in the prospectus for registered shareholders and new investors.
Salama Cooperative Insurance Co. ended the session at SR17.32, down 0.81 percent.
