Saudi Arabia's Tadawul Index Drops 24.52 Points, Nomu Gains: Best and Worst Performers & Market Announcements
Saudi Arabia's Tadawul All Share Index dropped 24.52 points to close at 12,484.41 for the second day in a row, with a total trading turnover of SR8.44 billion ($2.25 billion).
Out of the listed stocks, 71 advanced and 157 declined.
In contrast, the parallel market Nomu gained 95.74 points to close at 26,691.96.
However, the MSCI Tadawul Index slipped by 0.24 percent to 1,563.40.
The best-performing stock was United Cooperative Assurance Co., whose share price rose by 6.67 percent to SR13.44.
Etihad Atheeb Telecommunication Co. and Gulf Union Alahlia Cooperative Insurance Co. also had significant gains, with their share prices increasing by 4.84 percent and 4.54 percent, respectively.
The text reports that Fitaihi Holding Group had the worst performance in the main market, with a 4.77% decrease in share price to SR4.19.
In contrast, the parallel market was driven by Osool and Bakheet Investment Co., whose share prices increased by 7.83% to SR36.50.
Middle East Paper Co. (MEPCO) announced the start of its cardboard factory project, which will have a production capacity of 450,000 tonnes and a final budget of SR1.78 billion.
The project is expected to be completed in 42 months.
MEPCO's cardboard project will be funded through internal resources, long-term loans from local banks, and funds from the issuance of shares to Saudi Arabia's Public Investment Fund.
Additionally, MEPCO signed an agreement with J.M. Voith SE & Co. KG for the manufacturing, supplying, and installation supervision of the main machine for the project.
In contrast, the parallel market Nomu gained 95.74 points to close at 26,691.96.
However, the MSCI Tadawul Index slipped by 0.24 percent to 1,563.40.
The best-performing stock was United Cooperative Assurance Co., whose share price rose by 6.67 percent to SR13.44.
Etihad Atheeb Telecommunication Co. and Gulf Union Alahlia Cooperative Insurance Co. also had significant gains, with their share prices increasing by 4.84 percent and 4.54 percent, respectively.
The text reports that Fitaihi Holding Group had the worst performance in the main market, with a 4.77% decrease in share price to SR4.19.
In contrast, the parallel market was driven by Osool and Bakheet Investment Co., whose share prices increased by 7.83% to SR36.50.
Middle East Paper Co. (MEPCO) announced the start of its cardboard factory project, which will have a production capacity of 450,000 tonnes and a final budget of SR1.78 billion.
The project is expected to be completed in 42 months.
MEPCO's cardboard project will be funded through internal resources, long-term loans from local banks, and funds from the issuance of shares to Saudi Arabia's Public Investment Fund.
Additionally, MEPCO signed an agreement with J.M. Voith SE & Co. KG for the manufacturing, supplying, and installation supervision of the main machine for the project.
Translation:
Translated by AI
