Saudi Arabia to invest $100m to boost its aviation sector 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 41.54 points, or 0.37 percent, to close at 11,219.02.  

The total trading turnover of the benchmark index was SR4.13 billion ($1.10 billion) as 148 of the listed stocks advanced, while 71 retreated.   

On the other hand, the Kingdom’s parallel market Nomu slipped 391.54 points, or 1.55 percent, to close at 24,844.08. This comes as 29 of the listed stocks advanced, while as much as 25 retreated.  

Meanwhile, the MSCI Tadawul Index also rose 3.86 points, or 0.27 percent, to close at 1,445.89.  

The best-performing stock of the day was Middle East Healthcare Co. The company’s share price surged 9.95 percent to SR86.20.  

Other top performers included Naqi Water Co. as well as Fawaz Abdulaziz Alhokair Co., whose share prices soared by 6.34 percent and 6.03 percent, to stand at SR78.80 and SR17.24 respectively.  

In addition to this, other top performers included Arab Sea Information System Co. and Saudi Co. for Hardware.  

The worst performer was Development Works Food Co., whose share price dropped by 5.64 percent to SR130.40.  

Other poor performers were Al-Rajhi Co. for Cooperative Insurance as well as Naseej International Trading Co., whose share prices dropped by 5.26 percent and 3.03 percent to stand at SR162.00 and SR54.40, respectively.  

Moreover, other worst performers also included Saudi Automotive Services Co. and Arabian Cement Co.  

On the announcements front, the Saudi Exchange has announced the trading suspension on Dur Hospitality Co.’s shares starting Dec. 3 to commence delisting procedures of the company’s shares.  

According to a statement from Tadawul, this decision follows the firm’s announcement of the extraordinary general meeting’s approval of the offer submitted by Taiba Investments Co. to acquire shares of Dur Hospitality Co. from shareholders through a securities exchange offer.  

On another note, Methanol Chemicals Co. has announced the issuance of the Ministry of Energy’s approval to allocate the required feedstock for manufacturing methyl diethanolamine, choline chloride dimethyl disulfide, and n-methyl pyrrolidone. 

A bourse filing has disclosed that all the targeted products will be the first of their kind in the region. Furthermore, these innovative products are anticipated to find applications in critical and strategic industries in the Kingdom, including but not limited to oil and gas, pharmaceuticals, fertilizers, and construction materials, among others.  

Moreover, Taiba Investments Co. has announced the results of the extraordinary general assembly meeting which included the increase of the firm’s capital remotely utilizing contemporary technology using the Tadawulaty platform.  

Meanwhile, Abdulaziz and Mansour Ibrahim Al-Babtain Co. has announced the signing of an agreement with Nestle Saudi Arabia.   

According to a Tadawul statement, the agreement will come into force from the date of its signature and expire on Dec. 31. However, it will be automatically extended upon the expiry of the period. 

Leave a Comment