Arab News | Closing Bell: Saudi stock market rebounds to close above 10,300

JEDDAH: Saudi Arabia’s Tadawul All Share Index advanced on Tuesday, gaining 34.18 points, or 0.33 percent, to close at 10,318.14.

Trading activity totaled more than 163 million shares over SR3.28 billion ($875 million), with 104 companies advancing and 146 declining.

The parallel market Nomu moved up 80.48 points, or 0.37 percent, to close at 22,030.36, with 34 stocks advancing and 32 declining. Meanwhile, the MSCI Tadawul 30 Index rose 5.17 points, or 0.37 percent, to end the session at 1,388.2.

Market movers

Saudi Fisheries Co. led the market’s gainers, surging 9.99 percent to close at SR58.35. Watani Iron Steel Co. continued its upward trend, jumping 9.93 percent to SR3.21, while Jarir Marketing Co. advanced 8.18 percent to end the session at SR17.33.

On the downside, Tanmiah Food Co. led the decliners, sliding 6.55 percent to close at SR49.90. Etihad GO Telecom Co. fell 5.57 percent to SR72, while Al-Masar Al-Shamil Education Co. retreated 3.73 percent to SR21.70

Corporate disclosures

United Wire Factories Co., or Aslak, announced it has extended the deadline to complete its planned acquisition of a 40 percent stake in Al-Raeda Industrial Investment Co. to June 24, 2027, following an agreement with the selling shareholders, according to a bourse filing.

The deal, announced in January, involves the acquisition of 3.13 million shares in Al-Raeda for SR92.82 million, to be settled through a capital increase at Aslak and the issuance of new shares to the sellers.

Aslak noted that certain conditions remain outstanding, including Capital Market Authority approval for the capital increase and publication of the shareholders’ circular.

The company, whose share price edged up 0.61 percent to SR16.54, added that the extension would be reflected in the circular, which will be published after the required regulatory approvals are obtained.

Saudi Steel Pipe Co. announced it has signed a purchase order worth approximately SR177 million with Saudi Aramco to supply steel pipes for the oil and gas sector, according to a market statement.

SSP, whose share price climbed 5.07 percent to close at SR55.95, added that the order has a duration of up to 12 months, with its financial impact expected to materialize in the second half of 2027.

Scientific and Medical Equipment House Co. announced it has won a tender worth SR49.99 million, including value-added tax, from Princess Nourah bint Abdulrahman University to maintain medical equipment at several of its facilities, according to a Tadawul release.

Equipment House, whose share price moved up 0.69 percent to SR26.42, said that the three-year project covers King Abdullah bin Abdulaziz University Hospital, the dental clinics, the Simulation Center, and the Research Center at the Riyadh-based PNU, with its financial impact expected to begin in the first quarter of 2027.