RIYADH: Saudi Arabia emerged as the sole gainer among Gulf markets on Monday, with the Tadawul All Share Index rising 1.05 percent to close at 11,194.02, up 116.83 points.
The advance stood in sharp contrast to regional peers, all of which closed in negative territory, highlighting investor confidence in the Kingdom’s market despite broader pressures.
The rebound followed two consecutive sessions of losses driven by concerns over newly announced US tariffs.
Trading activity was strong, with TASI’s turnover reaching SR10.5 billion ($2.8 billion), as 150 stocks advanced and 91 declined.
The MSCI Tadawul Index also gained 1.07 percent to 1,420.65. The parallel market Nomu inched up 0.01 percent to 28,650.28, with 35 stocks rising and 50 falling.
Other Gulf markets closed lower, as Abu Dhabi fell 2.58 percent, Dubai dropped 3.07 percent, and Bahrain declined 1.15 percent. Qatar also slid 0.35 percent, Muscat lost 0.68 percent, and Kuwait edged down 0.64 percent.
On TASI, the National Co. for Learning and Education was the best-performing stock of the day, with its share price surging by 8.84 percent to SR160.
Other top performers included Mutakamela Insurance Co., which saw its share price rise by 7.18 percent to SR15.22, and ACWA Power Co., which saw a 6.77 percent increase to SR331.
Kingdom Holding Co. rose 5.67 percent to SR8.39, while Aldrees Petroleum and Transport Services Co. gained 5.26 percent to SR132.
Batic Investments and Logistics Co. saw the steepest decline of the day, with its share price easing 9.80 percent to close at SR2.21.
Saudi Real Estate Co. fell 6.02 percent to SR20.30, while Middle East Specialized Cables Co. dropped 5.71 percent to SR31.35.
Nama Chemicals Co. also faced a loss in today’s session, with its share price dipping 5.58 percent to SR28.75, while Red Sea International Co. saw a 5.49 percent drop to settle at SR35.30.
On the announcement front, Dallah Healthcare has completed the acquisition of 97.41 percent of Al-Ahsa Medical Services and 100 percent of Al-Salam Medical Services from Ayyan Investment Co.
The transaction involved issuing 3.89 million shares and a cash payment of SR143.37 million.
As a result, Dallah’s capital increased by 3.99 percent to over SR1.015 billion. Concurrently, Dallah settled SR176.46 million in dues owed to Ayyan and agreed on further receivables of SR30.97 million.
The financial impact is expected to reflect in the first quarter of 2025, following the update of ownership records and completion of payment on April 6, according to a bourse filing.
The company’s share price rose 3.31 percent on Monday to reach SR125.
Arabian Drilling announced the acquisition of a new self-elevating service vessel valued at approximately SR260 million, including shipyard modifications and mobilization.
The purchase was financed internally and expands the company’s fleet to 62 units, including 49 land rigs, 11 offshore jack-up rigs, and two service vessels.
The new asset is expected to begin operations by mid-2025 under a two-year contract, contributing to a backlog exceeding SR170 million.
The firm stated the acquisition supports its expansion into complementary service activities in the Arabian Gulf, where it currently operates one service vessel.
Arabian Drilling’s share price rose 0.12 percent on Monday to reach SR84.20.
Scientific & Medical Equipment House Co. has secured a contract worth SR44.52 million from the Madinah Health Cluster to provide nutrition services to three hospitals: the Specialized Psychiatric Hospital, Dar Nakehi Hospital for Psychiatric Disorders, and Al-Haram New Hospital in Madinah.
The contract, inclusive of VAT, will be implemented over a five-year period. The company expects the financial impact to begin in the third quarter of 2025.
It confirmed that all necessary approvals and signatures have been obtained, and it will announce any further developments as needed.
The company’s share price rose 3.51 percent to SR38.30 on Monday.
