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Saudi stock market ends lower as corporate actions unfold

EditorRachael Rajan
Published 11/22/2023, 01:53 PM
© Reuters.

RIYADH - The Saudi Arabian stock market closed lower today, with Tadawul All Share Index falling 0.26% to settle at 11,099.98 and the MSCI Tadawul Index dropping 0.35%. Despite the overall market decline, certain companies witnessed gains in their share prices. Al-Omran Industrial Trading led the pack with a significant increase of 5.41%, while Zamil Industrial Investment and Maharah Human Resources also enjoyed rises in their stock values.

In contrast, Al-Baha Investment faced the steepest decline, with shares tumbling by 6.67%. Other notable decreases were observed in the shares of United Cooperative Assurance and Al-Jouf Agricultural Development.

The market saw notable corporate developments today. Alwasail Industrial's board approved an employee stock incentive plan to purchase up to 500,000 shares using internal resources. Meanwhile, Al Moammar Information Systems secured a SR24.87 million contract for a backup solution from the National Center of Government Resources. Tam Development also clinched a deal to provide consultancy services to the Communications, Space, and Technology Commission for SR1.98 million.

National Agricultural Development experienced an undersubscription in its share offering but will offer the remaining shares to institutional investors.

Adding to the list of corporate news, Almujtama Alraida Medical Co.'s shares began trading on the Nomu secondary market today.

Trading volume was robust, with transactions worth $1.12 billion recorded on the exchange during the session.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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