Arab News, Sat, Apr 20, 2024 | Shawwal 11, 1445
Closing Bell: TASI ends the week in green with trading turnover at $2.18bn
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 36.37 points,
or 0.29 percent, to close at 12,502.35.
The total trading turnover of the benchmark index
was SR8.19 billion ($2.18 billion) as 130 stocks advanced, while 90 retreated.
The MSCI Tadawul Index also increased by 5.98
points, or 0.38 percent, to close at 1,575.11.
The Kingdom’s parallel market, Nomu, followed suit
and gained 305.77 points, or 1.16 percent, to close at 26,418.75. This comes as
33 stocks advanced, while as many as 27 retreated.
The best-performing stock on the main index was
Saudi Arabian Amiantit Co., as its share price rose by 7.69 percent to SR30.80.
Allianz Saudi Fransi Cooperative Insurance Co.
also performed well as its share price saw a 6.79 percent increase to close at
SR20.16.
This comes as Abu Dhabi National Insurance Co.
completed a strategic acquisition of a 51 percent stake in Allianz, according to
the Emirates News Agency, WAM.
ADNIC Chairman Mohamed Al- Nahyan told WAM: “The
connection between the UAE and Saudi Arabia is deep, mutually beneficial and
ever-growing. At ADNIC, we see Saudi Arabia as a high-potential market which
perfectly aligns with our overall growth strategy, and we are looking forward to
unlocking new possibilities for growth and success.”
Other top performers include United Cooperative
Assurance Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp.
whose share prices soared by 5.68 percent and 5.51 percent, to stand at SR11.16
and SR14.16 respectively.
The worst performer was Alkhaleej Training and
Education Co., whose share price dropped by 5.27 percent to SR33.25.
On the announcements front, Saudi mining giant and
Public Investment Fund subsidiary, Saudi Arabian Mining Co., known as Ma’aden,
announced the launch of single stock options in a statement on Tadawul.
SSOs will enable local and international investors
to effectively hedge and manage portfolio risks as well as diversify products
available for trading in the market.