TASI slips 74 points to close at 10,840 amid investor ambiguity: Closing bell

  • 12/1/2022
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RIYADH: Saudi Arabia’s benchmark index on Thursday fell 74.26 points to close at 10,840.74 after touching a peak of 10,957.64 at 10:20 SAST, reflecting a sense of ambiguity among investors. The parallel market Nomu also finished its trail 497.85 points lower at 18,903.74 after snowballing to 18,778.82 at 11:53 SAST. The advance-decline ratio, however, bucked the trend, with 126 stocks of the listed 219 heading north and 75 turning south. The total trading turnover was SR4.86 billion ($1.29 billion). Sahara International Petrochemical Co., in a regulatory filing on Thursday, announced a 15 percent cash dividend or SR1.50 per share, resulting in a dole out of SR1.087 billion for the second half of 2022. The company’s share price picked the drift and closed 5.72 percent higher to SR37.90. Taiba Investments Co. on Thursday also announced that it awarded a construction contract worth SR283 million to Orient Construction Company Weavers Ltd. to build a four-star Novotel hotel project in Madinah. The stock closed lower at SR26.90 after peaking at SR27.10. Meanwhile, Arabian Internet and Communications Services Co. (Solutions) informed Tadawul just before closing about its agreement with Saudi Telecom Company worth SR372.92 million to provide technical, administrative and logistical services. The share closed slightly lower at SR246. The Capital Market Authority on Thursday also Saudi Arabian Amiantit Co.’s request to increase its capital through a rights issue worth SAR 346.5 million. There was a blip of a bullish wave in the Software & Services index, which closed up 401 points at 36,540.33. The Healthcare Equipment & Services index also increased 103.04 points to close at 9,380.2. However, some of Thursday’s biggest losers were the Saudi British Bank, the National Company for Learning and Education, Arab National Bank, The Company for Cooperative Insurance and Bank Albilad. The Diversified Financial index was under the weather in November as it recorded the steepest decline of 15.9 percent in the Gulf Cooperation Council in November. A Kamco Invest research report highlighted that the Saudi Stock Exchange witnessed the after all the constituents of the index reported declines. Barring the Consumer Service index, the monthly sectoral performance chart declined across the board. The Utilities and Capital Goods indices were next with a decline of 15.2 percent and 11.7 percent, followed by Consumer Durables & Apparel and Materials indices with declines of 10.8 percent and 10.6 percent, respectively.

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