Arab News, Wednesday, May 31, 2023 | Thul-Qidah 11, 1444
Closing bell: Saudi main index closes flat at 11,140 points
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index remained steady for the second
consecutive day, gaining 4.31 points or 0.04 percent to close at 11,139.98.
Parallel market Nomu, however, dropped 64.82
points to 20,943.02, while the MSCI Tadawul Index closed 0.23 percent up at
1,483.78.
The total trading turnover of the benchmark index
was SR4.94 billion ($1.32 billion) as 74 listed stocks advanced, while 130
retreated.
The top-performing stock of the day was National
Medical Care Co., as its share price surged 8.57 percent to SR114.
Abdullah Al Othaim Markets Co. and Saudia Dairy
and Foodstuff Co. also performed well on Tuesday, as their share prices rose by
5.22 percent and 4.44 percent, respectively.
Buruj Cooperative Insurance Co. was the worst
performer; its share price dropped 3.98 percent to SR20.24.
Savola Group and Al Alamiya for Cooperative
Insurance Co. were the worst performers, whose share prices fell 3.93 percent
and 3.89 percent, respectively.
On Tuesday, the share price of Saudia Dairy and
Foodstuff Co. hit an all-time high of SR318.80 since its debut in Tadawul in
2005. The company, however, closed its trading at SR306 at the end of today’s
session.
Meanwhile, First Milling Co. has announced that it
has set the initial public offering final price at SR60, implying a market
capitalization of SR3.3 billion.
In a statement to Tadawul, the company said the
IPO coverage ratio reached 68.9 times.
“The impressive demand by participating parties
for First Mills’ offer shares is a resounding validation of the company’s
investment thesis. They appreciate the company’s long-term value creation
potential supported by its market leadership, diverse product portfolio,
outstanding financial performance and effective leadership team,” said Abdullah
Ababtain, CEO of First Milling Co.
On Tuesday, Saudi Aramco Base Oil Co., also known
as Luberef, announced that it signed an amendment to its feedstock agreement
with Saudi Arabian Oil Co. to supply additional 5,000 barrels per day of reduced
crude oil.
In a bourse filing, Luberef said that this
amendment is expected to increase the total quantity of RCO received in its
Yanbu facility from 45,000 bpd to 50,000 bpd, subject to product availability.
“This increase in RCO quantity is part of a
business transformation program which is in line with Saudi Aramco’s
transformation initiative for its joint ventures,” said Luberef in the
statement.
The Saudi Public Transport Co. announced the
contract sign-off with the Jazan municipality for operating the public transport
network in the region at a contract value of SR93 million.
SAPTCO said that the project will positively
impact the company’s revenues in the second half of 2023.