Arab News, Sat, Apr 27, 2024 | Shawwal 18, 1445
Closing Bell: TASI edges down to close at 12,254 points
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index
dipped on Thursday, losing 101.16 points, or 0.82 percent, to close at
12,254.53.
The total trading turnover of the benchmark
index was SR6.9 billion ($1.84 billion) as 75 stocks advanced while 144
retreated.
Similarly, the MSCI Tadawul Index decreased by
8.99 points, or 0.58 percent, to close at 1,539.63.
The Kingdom’s parallel market, Nomu, increased,
gaining 362.13 points, or 1.38 percent, to close at 26,688.25. This comes as 34
stocks advanced while as many as 27 retreated.
The best-performing stock of the day was Fawaz
Abdulaziz Alhokair Co. The company’s share price surged by 6.39 percent to
SR11.32.
Other top performers include Etihad Atheeb
Telecommunication Co. and Saudi Cable Co., whose share prices soared by 5.57
percent and 5.35 percent, to stand at SR125and SR74.8 respectively. National
Metal Manufacturing and Casting Co. and Saudi Steel Pipe Co. also fared well.
The worst performer was Al Sagr Cooperative
Insurance Co., whose share price dropped by 7.11 percent to SR33.30.
ACWA Power as well as Bawan Co., did not perform
well as their share prices dropped by 6.87 percent and 5.78 percent to stand
at SR420 and SR44, respectively.
On the announcements front, a general assembly of
Bank AlJazira approved increasing the capital by SR2.05 billion, representing a
25 percent increase.
This growth will be achieved through the
capitalization of a portion of the statutory reserves, granting one share for
every four shares to strengthen the bank’s capital base and enable it to achieve
its strategic objectives, according to Al-Ekhbariya.
Additionally, authorization was granted to the
board of directors to distribute interim dividends on a semi-annual/quarterly
basis for the fiscal year 2024. Approval was also given to the compensation and
benefits policy for senior executives at Bank AlJazira.
Moreover, the profits of Banque Saudi Fransi rose
to SR1.15 billion during the first quarter of 2024, a 7 percent increase
compared to the same period in 2023, which stood at SR1.07 billion.
The bank attributed this growth to a rise in
commission income by 27.5 percent, primarily due to higher returns on financing
and investments. However, there was a slight decrease in net commission income
by 0.3 percent due to an increase in specific commission expenses.
Additionally, total operating expenses decreased
6.2 percent, mainly due to a reduction in the provision for expected credit
losses on loans and advances. This was partially offset by an increase in the
provision for other financial assets and rising staff salaries and expenses
On another note, the stock of Al-Rajhi Co. for
Cooperative Insurance SJSC, Al Rajhi Takaful, which is counted for in the
insurance sector on the main market, recorded its highest price since listing on
April 25, at SR142.
Furthermore, Saudi Exchange approved the listing
request for government debt instruments issued by Saudi Arabia, totaling SR5.1
billion.
These instruments comprise issuance number
2024-04-07, valued at SR1.6 billion, and 2024-04-12, valued at SR3.5 billion.
Trading of these instruments will commence on April 29.
Additionally, Rawabi Holding Co., also referred to
as Rawabi, has successfully concluded its largest Saudi Riyal-denominated sukuk
issuance, totaling SR1.2 billion. Driven by high market demand, this milestone
surpasses Rawabi’s previous issuance record of SR875 million in 2023.
Since the launch of its sukuk program in 2020,
Rawabi Holding has issued approximately SR6.5 billion across 18 tranches and
redeemed seven tranches totaling around SR2.9 billion.