Saudi Arabia's Tadawul Index Dips: Al-Rajhi Co. for Cooperative Insurance Surges; Fakeeh Care Group Announces IPO
On Wednesday, Saudi Arabia's Tadawul All Share Index dropped 1.03 percent, or 128.72 points, to close at 12,355.69, with a total trading turnover of SR8.45 billion ($2.25 billion).
Of the listed stocks, 41 advanced and 187 declined.
The MSCI Tadawul Index also decreased by 0.95 percent, or 14.78 points, to close at 1,548.62.
The parallel market Nomu dipped 1.37 percent, or 365.84 points, to close at 26,326.12, with 17 advancing and 45 declining stocks.
The best-performing stocks were Al-Rajhi Co. for Cooperative Insurance, Al Sagr Cooperative Insurance Co., and First Milling Co., whose share prices surged by 9.87 percent, 6.38 percent, and 5.63 percent, respectively.
The text reports on the stock market performance in Saudi Arabia.
The best performers on the main market were Batic Investments and Logistics Co., Saudi Research and Media Group, and Osool and Bakheet Investment Co. on the parallel market.
The worst performer was Al-Baha Investment and Development Co., whose share price dropped significantly.
Other weak performers included National Co. for Learning and Education, Arriyadh Development Co., Red Sea International Co., and AYYAN Investment Co. The best-performing stocks on the parallel market were Arabian Plastic Industrial Co. and Lana Medical Co. Their share prices also saw significant increases.
Jahez International Co. had the biggest decline in share price among technology companies, dropping 5.88% to SR32.
Other weak performers included Alhasoob Co. (3.61% decrease to SR64.10) and Aqaseem Factory for Chemicals and Plastics Co. (3.38% decrease to SR62.80).
HSBC Saudi Arabia announced that Fakeeh Care Group intends to sell 49.8 million shares, including 19.8 million existing shares and 30 million new shares, in an initial public offering on the Saudi Exchange.
The text is about a company's IPO (Initial Public Offering) where 21.47% of the company's share capital will be offered post-capital increase.
The listing and IPO have been approved by the Saudi Exchange and the Capital Market Authority, respectively.
The pricing of the shares will be determined after the book-building period.