Saudi Press

Saudi Arabia and the world
Wednesday, Nov 29, 2023

Closing Bell: TASI closes flat at 10,536 points as investors exercise caution

Closing Bell: TASI closes flat at 10,536 points as investors exercise caution

Saudi Arabia’s Tadawul All Share Index extended last week’s cautious stance as it closed flat — or 0.05 points up — to 10,536.91 on Sunday with no marked change in the global economic situation.
Even as Friday’s US job reports registered a slight decline in growth in December, fueling speculations of a likely turnaround in the US Federal Reserve’s hawkish stance, the market was not motivated enough to up its ante.

“The Saudi benchmark remained flattish during the day after gains in most of the sectoral indices were fully offset by a decline in large-cap sectors like banks and energy,” Junaid Ansari, head of investment strategy and research at Kamco Invest, told Arab News.

All constituents, except Riyad Bank, Bank Albilad, and Amlak International Finance Co., fell in the Banks Index. Saudi British Bank and Saudi Investment Bank dropped 1.66 percent and 1.22 percent to close at SR38.60 and SR17.78, respectively.

Likewise, the Energy Index witnessed heavyweights such as Saudi Arabian Oil Co., Rabigh Refining and Petrochemical Co. take marginal hits to close at SR31.50 and SR10.94, respectively.

“The decline in the energy sector reflected the first weekly drop in crude oil prices in four weeks last week,” said Ansari.

“Both energy and banks remain the worst performing sector this year with declines of 1.6 percent and 0.9 percent, respectively,” he added.

TASI’s total trading turnover slipped 18.7 percent to about SR3 billion ($800 million) from Thursday’s SR3.69 billion despite 134 stocks of the listed 223 advanced and 69 declined.

Parallel market Nomu and MSCI Tadawul 30 Index also fell 100 points and 0.31 points to close at 19,204.43 and 1,465.37, respectively.

“Trading activity during the day saw improvements from the previous session but remained subdued when compared to average observed trading levels on the exchange,” said Ansari.

The stock exchange on Sunday also had a slew of big-ticket corporate announcements that led to their share prices gathering pace.

Obeikan Glass Co. recommended a 33.3 percent capital increase to SR20 million through a one-for-three bonus share distribution, to be partly financed from retained earnings, the company said in a statement to Tadawul. Its share price gained 3.12 percent to SR86.

On Sunday, Arabian International Healthcare Holding Co., also known as Tibbiyah, informed the exchange that its wholly-owned subsidiary, Al Faisaliah Medical Systems Co., inked an SR52.74 million contract with National Unified Procurement Co. to supply medical orthopedics and spine consumables to governmental institutions. Tibbiyah’s share price rose 3.67 percent to SR40.95.

Food production company Halwani Bros. Co. also announced that it had signed an amendment to the existing Sharia-compliant banking facilities agreement worth SR230.83 million with Al Rajhi Bank.

The value includes SR20.83 million medium-term financing, extending to the end of March 2024, and an SR210 million facility to finance working capital until July 2023. Halwani Bros. Co.’s share price blipped up 0.86 percent to SR47.

Meanwhile, Ladun Investment Co. signed an agreement to develop 260 residential units in Jazan for SR162 million, excluding value-added tax.

The company said that the project, covering an area of 44,020 square meters, will be implemented in partnership with the private sector.

The infrastructure and buildings will be constructed by Al-Manjoof Contracting Co., as per the off-plan sales model. Ladun’s share price inched up 0.38 percent to SR15.78.

On the retail front, Al-Saif Stores for Development and Investment Co., also known as Alsaif Gallery, announced its expansion in Kuwait, where two branches were rented.

The first branch is expected to open in the first quarter of 2023 and the next one in the second quarter of 2023, according to a statement on Tadawul. Its share price closed higher at SR98.20.

Related Articles

Saudi Press
Here is a video showing the moment of the release of the captives by the terrorist organization Hamas and their transfer to the Red Cross on their way back to the State of Israel.
Here is a video showing the moment of the release of the captives by the terrorist organization Hamas and their transfer to the Red Cross on their way back to the State of Israel.
Bill Gates Envisions a Possible 3-Day Work Week with AI
Abu Dhabi-Backed Fund Poised to Assume Control of UK's Telegraph Media Group
Biden Advocates for Palestinian Authority to Govern Gaza and West Bank
Apple and Disney Halt Ads on X Following Elon Musk's Antisemitic Post, US Reacts
The UK’s Supreme Court, in a move that surprised no one who respects international law and human rights, has just delivered a landmark ruling against Prime Minister Rishi Sunak’s immigration strategy.
Top German journalist received €600,000 from Putin ally, leak reveals
A Dramatic Video from Gaza, Provided by IDF Spokesperson Daniel Hagari, Offers Undeniable Evidence of Hamas Establishing Terror Operation Bases Near Schools, Above Hospitals, and Inside Civilian Areas.
Moody's Downgrades U.S. Credit Outlook to Negative Amid Fiscal Concerns
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Muslim Tycoon Asif Aziz Receives Approval for the Transformation of the iconic London Trocadero Landmark into Mosque