Saudi main index inches up as trading turnover hits $1.34m

Saudi Arabia’s Tadawul All Share Index was steady on Thursday, as it edged up 0.82 points, or 0.01 percent, to close at 11,014.95.

A day earlier, the benchmark index had shed 125.85 points, primarily driven by a fall in oil prices.

While parallel market Nomu gained 134 points to close at 21,415.33, the MSCI Tadawul Index shed 5.73 points to 1,458.68.

The total trading turnover of the benchmark index was SR5.03 billion ($1.34 billion) as 113 stocks advanced, while 100 retreated.

The top performer of the day was the Company for Cooperative Insurance. The firm’s share price rose by 6.33 percent to SR121. Alkhaleej Training and Education Co. and Electrical Industries Co. also performed well, as their share prices rose by 5.36 percent and 5.32 percent, respectively.

Saudi Enaya Cooperative Insurance Co. emerged as the worst performer, as its share price dropped by 9.87 percent to SR12.42. On the announcements front, Obeikan Glass Co. appointed Ibrahim Mohammad Al-Hammad as its new CEO. Al-Hammad will replace the outgoing CEO Fayez bin Jameel Abdulrazzaq.

In a Tadawul statement, Obeikan Glass said that the new appointment will be effective from June 30. The company’s share price dipped by 0.91 percent to SR78. Meanwhile, Bank Aljazira announced its intention to establish a domestic riyal-denominated Tier 1 sukuk issuance program of up to SR5 billion.

According to a Tadawul statement, the bank has mandated AlJazira Capital as the sole arranger for the establishment of the proposed sukuk program and the potential offer.

It noted that the offer has been made to strengthen the capital base of the bank and to support its financial and strategic needs. The bank’s share price dropped by 0.34 percent to close at SR17.48.