Saudi Arabia named ‘most improved country overall’ in US Chamber of Commerce IP Index

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Monday, losing 120.61 points, or 0.96 percent, to close at 12,434.59. 

The total trading turnover of the benchmark index was SR10.50 billion ($2.80 billion) as 43 of the listed stocks advanced, while 180 retreated.  

Similarly, the MSCI Tadawul Index decreased by 17.59 points, or 1.09 percent, to close at 1,592.03. 

Also, the Kingdom’s parallel market Nomu slipped, losing 515.71 points, or 1.91 percent, to close at 26,446.68. This comes as 16 of the listed stocks advanced, while 47 retreated. 

The best-performing stock of the day was Al-Baha Investment and Development Co., with an increase of 7.14 percent in its share price, reaching SR0.15. 

Other top performers include Saudi Steel Pipe Co. and ACWA Power, whose share prices soared by 5.74 percent and 5.41 percent, to stand at SR57.10 and SR276.80, respectively. 

In addition to this, other notable performers included Saudi Ceramic Co. and SAL Saudi Logistics Services Co. 

On the contrary, the day’s least favorable performer was Seera Group Holding, witnessing a 9.91 percent decline in its share price to SR29.55. 

Furthermore, Alkhaleej Training and Education Co. and AYYAN Investment Co. were among the weakest performers, experiencing drops of 9.88 percent and 7.56 percent, settling at SR33.75 and SR26.90, respectively. 

Moreover, other weak performers also included Mobile Telecommunication Co. Saudi Arabia and Maharah Human Resources Co. 

On the announcements front, Al Rajhi Bank disclosed its plan to issue sustainable sukuk in US dollars, as per its statement on Tadawul. The issuance, under the revised international sukuk program, will be facilitated through a special purpose company and extended to qualified investors globally. 

According to the statement, the value and terms of the sustainable sukuk offering will be determined based on market conditions, to meet the bank’s financial and strategic objectives within the framework of its sustainability financing. 

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