RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Tuesday, dropping 148.01 points, or 1.22 percent, to close at 11,948.72.
Total trading turnover for the benchmark index amounted to SR4.84 billion ($1.29 billion), with 36 stocks advancing and 197 declining.
The Kingdom’s parallel market Nomu also saw a decline, shedding 44.13 points to close at 31,100.31. Meanwhile, the MSCI Tadawul Index lost 19.13 points, ending the session at 1,498.54.
Among the top performers in the main market, Savola Group saw its share price surge by 9.89 percent, closing at SR30.55. Other gainers included Arriyadh Development Co., whose shares rose by 3.92 percent to SR30.50, and Bawan Co., which gained 3.84 percent, closing at SR54.10.
On the downside, Almarai Co. experienced a drop of 4.27 percent, with its share price closing at SR58.30.
On the announcements front, Almoosa Health Co. announced the final offer price for its upcoming initial public offering on Saudi Arabia’s main market at SR127 per share.
The total offering size is SR1.68 billion, with a market capitalization of SR5.63 billion upon listing, making it the second-largest IPO in the Saudi market in 2024.
The institutional book-building process was oversubscribed by 103 times, with an order book value of SR173 billion.
The subscription period for individual investors will run from Dec. 23 to 24. Malek Almoosa, CEO of Almoosa Health Co., expressed confidence in the company’s future, saying, “We believe that the attractiveness of the Saudi healthcare market, coupled with our 30-year legacy and innovative approach to patient care, ideally position us to capitalize on fresh opportunities by building new, cutting-edge facilities that will drive sustainable growth.”
In another announcement, Yamama Cement Co. revealed that its board of directors has approved plans to sign a non-binding memorandum of understanding with Obeikan Investment Group and Sultan Holding Co. to establish a holding company focused on investments in the minerals sector in Saudi Arabia.
The new entity will focus on producing key minerals such as lithium, graphite, and silica. Despite the positive news, Yamama Cement Co.'s share price fell by 3.17 percent, closing at SR33.60.
