RIYADH: Saudi Arabia’s Tadawul All Share Index dropped marginally on Wednesday, shedding 16.34 points or 0.14 percent to close at 11,277.73.
The total trading turnover of the benchmark index was SR5.48 billion ($1.46 billion), with 140 of the listed stocks advancing and 109 declining.
The Kingdom’s parallel market Nomu, gained 104.43 points to close at 27,448.22.
The MSCI Tadawul Index edged down by 0.27 percent to 1,445.25.
The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price increased by 8.62 percent to SR26.70.
The share price of Saudi Real Estate Co. also rose by 7.68 percent to SR20.89.
Retal Urban Development Co. also saw its share price advance by 6.62 percent to SR16.10.
On the announcements front, Alinma Bank said that it completed the issuance of US dollar-denominated sukuk worth $500 million, under its Trust Certificate Issuance Program.
According to a press statement, the sukuk issue is expected to settle on July 15.
The share price of Alinma Bank declined by 1.19 percent to SR26.68.
Jahez International Co. for Information System Technology announced that it has signed an agreement to acquire a 76.56 percent stake in Snoonu Corporation Holding LLC, a Qatari-based technology and logistics firm that operates an e-commerce and on-demand delivery platform.
In a press statement, the company revealed that it will acquire 8.14 million shares, representing 75 percent of Snoonu’s share capital, from existing shareholders for $225 million.
Jahez will also subscribe to 723,960 newly issued shares in Snoonu, representing 1.56 percent of the stake, for $20 million.
The share price of Jahez edged up by 1.11 percent to SR27.44.
