Arab News | Closing Bell: Saudi stocks regain ground as TASI jumps 1.1%

JEDDAH: Saudi Arabia’s Tadawul All Share Index rebounded on Sunday, gaining 112.87 points, or 1.09 percent, to close at 10,505.84 after four consecutive sessions of declines.

Trading activity totaled about 109.01 million shares worth more than SR2.26 billion ($602.7 million), with 220 stocks advancing and 41 declining.

The Kingdom’s parallel market, Nomu, rose 175.98 points, or 0.84 percent, to close at 21,248.86, with 47 stocks advancing and 20 declining. The MSCI Tadawul 30 Index gained 16.25 points, or 1.16 percent, to close at 1,416.5.

Market movers

Raydan Food Co. was the main market’s top performer, with its share price rising 9.97 percent to SR18.97. Abdullah Saad Abu Moati for Bookstores Co. gained 7.69 percent to SR32.78, while Armah Sports Co. advanced 6.69 percent to SR65.35.

On the losing side, Saudi Enaya Cooperative Insurance Co. fell 3.94 percent to SR10.24. Saudi Aramco Base Oil Co. declined 2.58 percent to SR124.70, while Lazurde Co. for Jewelry slipped 1.77 percent to SR9.43.

Corporate disclosures

Al-Moammar Information Systems Co. said it received its first work order from Humain, with a total value exceeding 148 percent of its 2025 revenue, according to a bourse filing.

MIS, whose share price fell 1.80 percent to SR284, said the work order, received on Oct. 1, covers the previously announced 50-megawatt capacity, with its financial impact beginning in the second quarter of 2026.

The company also expects to receive additional work orders as the project expands.

In separate market filings, Acwa and Saudi Electricity Co. said Al-Morjan Two Electricity Co., in which they each hold an effective 40 percent stake, reached financial close for the Rabigh 2 combined-cycle gas turbine independent power plant expansion project in Saudi Arabia’s Western Province.

The companies said the project has a production capacity of 2,313.5 MW and is designed to accommodate the future installation of carbon capture units.

Financing secured from a group of local, regional and international lenders amounts to SR9.69 billion and has a tenor of about 34 years, the companies said. The project will develop, build, own and operate a combined-cycle power plant.

Acwa and SE, whose shares rose 1.53 percent to SR166 and 0.58 percent to SR15.56, respectively, expect the project’s financial impact from operations to be reflected from the second quarter of 2029 onward.

Natural Gas Distribution Co., a parallel market company, said it had won the Ministry of Energy’s competition to obtain a license to establish, own and operate a natural gas distribution network in Al-Kharj Industrial City.

The company, whose share price rose 8.87 percent to SR26.60, said the project is expected to have a positive impact on its financial results once operations begin. It will announce any material developments in due course.

Perfect Presentation for Commercial Services Co., or 2P, said it signed a Shariah-compliant financing facility worth SR120 million with National Bank of Kuwait.

2P, whose share price fell 0.94 percent to SR5.26, said the one-year facility, signed on Oct. 4, will support newly awarded projects, including the issuance of letters of guarantee and letters of credit. The facility is secured by promissory notes covering the total limit.