Arab News | Closing Bell: Saudi main index slips to close at 10,864

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 142.70 points, or 1.30 percent, to close at 10,864.57. 

The total trading turnover of the benchmark index was SR3.83 billion ($1.02 billion), as 42 of the stocks advanced and 221 retreated.   

Similarly, the Kingdom’s parallel market Nomu lost 53.44 points, or 0.25 percent, to close at 21,579.19. This comes as 25 of the stocks advanced while 47 retreated.   

The MSCI Tadawul Index lost 18.52 points, or 1.25 percent, to close at 1,458.75.     

Top gainers, losers 

The best-performing stock of the day was Armah Sports Co., whose share price surged 9.95 percent to SR71.85.   

Other top performers included Arriyadh Development Co., whose share price rose 5.68 percent to SR16.75, as well as Saudi Reinsurance Co., whose share price surged 3.67 percent to SR28.82.

Saudi Aramco Base Oil Co. recorded the most significant drop, falling 9.97 percent to SR127.30. 

Knowledge Economic City also saw its stock price fall 5.08 percent to SR18.88. 

Allied Cooperative Insurance Group also saw its stock price decline 4.96 percent to SR7.85. 

Corporate announcements 

TAM Development Co. received an amendment letter to the award letter for the “Provision of Advisory Services for Community Engagement and Event Management for Green Riyadh Program” project, awarded by the Royal Commission for Riyadh City. 

According to a Tadawul statement, the amendment involves the cancellation of an operational line item and will not affect the project’s overall profit margins. The total contract value has therefore been revised to SR12.5 million, inclusive of VAT, while the remaining scope of work will continue under the amended contract with no other changes. 

The financial impact will be reflected in the company’s financial results based on implementation progress and the periods in which the related revenue and costs are recognized. The ultimate impact on net profit will depend on the costs associated with the excluded scope and those incurred in completing the remaining work. The company said it will announce any material developments in due course. 

TAM Development ended the session at SR59.50, down 0.25 percent. 

Anmat Technology for Trading Co. announced the signing of a SR51 million contract with the Oversight and Anti-Corruption Authority, or Nazaha, to supply and install specialized equipment at one of the authority’s premises. 

According to a bourse filing, the contract has a duration of 150 days. 

Anmat Technology for Trading Co. ended the session at SR9, down 3.33 percent.