Saudi Tadawul Index Surges: All Share Up 0.29%, Trading SR8.19bn; Allianz Saudi Fransi, Saudi Arabian Amiantit Top Performers
On Thursday, Saudi Arabia's Tadawul All Share Index rose by 0.29 percent, or 36.37 points, to close at 12,502.35.
The total trading turnover was SR8.19 billion ($2.18 billion), with 130 stocks advancing and 90 retreating.
The MSCI Tadawul Index also increased by 0.38 percent, or 5.98 points, to close at 1,575.11.
The parallel market, Nomu, gained 1.16 percent, or 305.77 points, to close at 26,418.75, with 33 stocks advancing and 27 retreating.
The best-performing stocks were Saudi Arabian Amiantit Co., which rose by 7.69 percent, and Allianz Saudi Fransi Cooperative Insurance Co., which saw a 6.79 percent increase.
Abu Dhabi National Insurance Company (ADNIC) completed the acquisition of a 51% stake in Allianz, as reported by the Emirates News Agency (WAM).
ADNIC's Chairman, Mohamed Al- Nahyan, expressed the strong and beneficial relationship between the UAE and Saudi Arabia, and saw Saudi Arabia as a high-potential market for ADNIC's growth strategy.
The share prices of United Cooperative Assurance Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. also saw significant increases of 5.68% and 5.51% respectively.
Alkhaleej Training and Education Co. had the greatest decline in share price, dropping 5.27% to SR33.25.
Notably, Saudi Arabian Mining Co. (Ma'aden), a mining giant and Public Investment Fund subsidiary, announced the introduction of Single Stock Options (SSOs) on Tadawul.
This new offering will allow investors, both local and international, to hedge and manage risks, as well as diversify available trading products in the market.