Arab News, Mon, Jun 24, 2024 | Dhu al-Hijjah 18, 1445
Closing Bell: Saudi main index rose to close at 11,729
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 231.04 points, or
2.01 percent, to close at 11,729.97.
The total trading turnover of the benchmark index
was SR5.18 billion ($1.38 billion) as 79 of the stocks advanced, while 151
retreated.
Similarly, the Kingdom’s parallel
market Nomu gained 71.63 points, or 0.27 percent, to close at 26,825.62. This
comes as 32 of the listed stocks advanced while 36 retreated.
Meanwhile, the MSCI Tadawul Index also gained
38.14 points, or 2.65 percent, to close at 1,475.68.
The best-performing stock of the day
was Rasan Information Technology Co. The company’s share price surged 10.60
percent to SR53.20.
Other top performers include ACWA Power Co. as
well as Fawaz Abdulaziz Alhokair Co.
The worst performer was Batic Investments and
Logistics Co., whose share price dropped by 5.81 percent to SR3.08.
Other worst performers were
Etihad Atheeb Telecommunication Co. as well as Saudi Manpower Solutions Co.
On the announcements front, Yanbu Cement Co. has
announced the signing of a non-binding memorandum of understanding with Southern
Province Cement Co. to evaluate the feasibility of merging the two companies.
According to a Tadawul statement, both firms will
commence the process of due diligence, examining operational, technical, and
financial as well as legal and actuarial aspects.
They will also engage in non-binding discussions
regarding the details of the terms and conditions for the proposed merger.
The MoU shall terminate upon the signing of the
merger agreement by both companies or upon the expiration of 12 months from the
date of its signing. It may also be extended with the approval of both
firms jointly.
Additionally, either company may terminate the MoU
by providing written notice to the other party in this regard.
Moreover, Edarat Communication and Information
Technology Co. has announced the receipt of a letter of award
from Almoammar Information Systems Co. to provide facility management support
services for Sahayeb Data Centers.
A bourse filing revealed that, under the terms of
the agreement, Edarat will provide support services, including managing,
operating, and maintaining Sahayeb Data Centers located in Riyadh and Dammam,
starting in the second quarter of 2024 and continuing until the end of 2025.