RIYADH: Saudi Arabia’s Tadawul All Share Index began the year on a positive note, gaining 0.34 percent or 40.81 points to close at 12,077.31 points on Wednesday.
The total trading turnover for the benchmark index reached SR3.3 billion ($882.8 million), with 152 stocks advancing and 71 declining. The MSCI Tadawul Index also saw a slight increase, rising 5.30 points (0.35 percent) to finish at 1,514.61 points.
Meanwhile, the Kingdom's parallel market, Nomu, experienced a decline, falling 481.86 points (1.53 percent) to close at 30,993.86 points. The market saw 24 stocks gain, while 45 retreated.
Salama Cooperative Insurance Co. led the day’s gains, with its share price climbing 9.54 percent to SR19.98. Other top performers included Wataniya Insurance Co., which saw a 6.04 percent increase to SR26, and Allied Cooperative Insurance Group, which rose 5.65 percent to SR14.22. Fawaz Abdulaziz Alhokair Co. saw a 4.54 percent rise to SR13.82, while Shatirah House Restaurant Co. gained 3.44 percent, closing at SR21.68.
On the other side, Nayifat Finance Co. was TASI’s worst performer, with a 3.75 percent drop to SR14.88. Riyad REIT Fund fell 2.79 percent to SR6.61, and Al-Babtain Power and Telecommunication Co. saw a decline of 2.31 percent, settling at SR38.10. Savola Group and Gulf Insurance Group also posted losses, with their share prices falling by 1.91 percent to SR36 and 1.58 percent to SR31.20, respectively.
On the announcements front, the General Authority for Competition approved the economic concentration process for BinDawood Holding’s acquisition of 100 percent of Zahret Al Rawda Pharmacies Co. Ltd.
The decision, dated December 31, 2024, marks a significant step in the acquisition process. BinDawood has announced it will provide updates on the completion of the transaction and any material developments as they arise. By Wednesday’s close, BinDawood’s share price had risen 1.08 percent to SR6.54.
Separately, First Avenue for Real Estate Development Co. disclosed the signing of a non-binding Letter of Intent with Awj Real Estate Development and Investment Co. to establish a real estate fund focused on commercial, office, and hospitality projects.
The fund will invest in four key assets: West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land. First Avenue is expected to hold between 40 percent and 50 percent of the fund, with Awj holding between 50 percent and 60 percent. First Avenue’s shares dropped 1.71 percent, closing at SR8.60.
