RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward movement for the fifth consecutive day on Thursday and ended the week’s trading at 11,542.93, gaining 141.46 points or 1.24 percent. The total trading turnover of the benchmark index was SR8.24 billion ($2.2 billion) as 114 stocks advanced, while 95 declined. However, the Kingdom’s parallel market, Nomu, shed 311.07 points to close at 23,420.65. On the other hand, the MSCI Tadawul Index edged up by 1.45 percent to 1,487.18. The best-performing stock of the day was Bank Albilad. The company’s share price surged by 9.95 percent to SR41.45. Other top performers on the main index were Saudi Co. for Hardware and Morabaha Marina Financing Co., whose share prices surged by 5.83 percent and 4.81 percent, respectively. The worst performer of the day was Saudi Enaya Cooperative Insurance Co., as its share price dropped by 4.5 percent to SR14.42. Meanwhile, the share price of Al Rajhi Bank rose 3.60 percent on Thursday to SR83.20, clocking the highest close in a year. On the announcements front, Tadawul Group, in a statement, revealed that its shareholders have approved the transfer of statutory reserves worth SR360 million to retained earnings. Meanwhile, Saudi Arabia’s Capital Market Authority approved Qomel Co.’s request to register and offer 500,000 shares, representing 14.29 percent of its share capital on Nomu. In a statement, CMA said that the authority’s approval of the application should never be considered as a recommendation to invest in the offering or shares of the company. “The CMA’s approval of the application merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met,” said CMA in the statement. Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. said that it received a contract from Saudi Electricity Co. to provide health insurance services for its employees and dependents for one year. In a statement to Tadawul, the insurer said that the contract is valued at more than 30 percent of the company’s total revenues based on the latest audited financial statements for 2022. Medgulf added that the impacts of the deal will be visible in the company’s financial performance in 2024.