Arab News, Monday, Jan 30, 2023 | Rajab 8, 1444
Saudi Arabia’s benchmark index inches up 0.16% to close at 10,839.49
Saudi Arabia: Saudi Arabia’s Tadawul
All Share Index on Sunday inched up 17.84 points — or 0.16 percent — to close at
10,839.49.
While MSCI Tadawul 30 Index ended flat at
1,499.46, the parallel market Nomu fell 73.53 points to 19,252.34.
TASI’s total trading turnover of the benchmark
index on Sunday was SR3.24 billion ($860 million), with 104 stocks of the listed
223 advancing and 101 retreating.
Fawaz Abdulaziz Alhokair Co., also known as Cenomi
Retail, was the topmost gainer of the day, rising 9.98 percent to SR17.64.
Cenomi Retail on Sunday informed the exchange of its plans to divest 26
non-strategic brands to rationalize its brand portfolio.
In the first phase of its transformation program,
the franchise retailer has decided to divest three brands under Azal restaurant
and Shawarma Almuhalhl for SR25 million.
The company said it wants to focus on “champion
brands” occupying the No. 1 or No. 2 positions in their sectors.
The other top gainers were Abdulmohsen Alhokair
Group for Tourism and Development, Halwani Bros. Co., Knowledge Economic City
and Al Sagr Cooperative Insurance Co.
The worst performer on Sunday was Development
Works Food Co., which fell 3.27 percent to SR165.80. The other stocks that
performed poorly included ACWA Power Co., Saudi Industrial Investment Group,
Tihama Advertising and Public Relations Co. and Maharah Human Resources Co.
Among sectoral indices, nine of the 21 listed on
the stock exchange declined while the rest advanced.
The Utilities Index was the worst-performing
sector as it fell 2 percent to 7,152.92, weighed down by ACWA Power which
stumbled 3.08 percent to SR150.80.
While Alkhorayef Water and Power Technologies Co.
dropped 2.04 percent to SR144.20, National Gas and Industrialization Co. slipped
0.39 percent to SR51.60.
The Insurance Index was the best-performing index
thanks to Al Sagr Cooperative Insurance Co., which jumped 5.35 percent to
SR16.14. On the other hand, Arabia Insurance Cooperative Co. moved up 3.95
percent to SR11.06. The other gainers were Alinma Tokio Marine Co., Aljazira
Takaful Taawuni Co. and Salama Cooperative Insurance Co.
On the announcements front, Saudi Arabian Amiantit
Co. on Sunday reported net losses after zakat and tax to SR8.8mn in 2022 from
SR171.3mn in the previous year.
Net losses fell due to the continued sales growth
as revenues increased 16 percent from SR438.91 in 2021 to SR508.82 in 2022. Its
share price rose 4.51 percent to SR44.
Arabia Insurance Cooperative Co. on Jan. 27
informed the exchange that the Saudi Central Bank issued a final approval on its
insurance product for corporate business. In a filing to Tadawul, the insurer
said the approved product is a professional indemnity insurance policy for
auditors of the entities supervised by the Capital Market Authority. AICC’s
share price increased by 3.95 percent to SR11.06.
The Saudi Exchange also announced that Alqemam for
Computer System Co. would be listed and start trading on Nomu-Parallel Market on
Tuesday, Jan. 31, as a direct listing with the symbol 9558. In addition, the
company set its price guidance at SR80 per share.