The Saudi Arabian stock market, symbolized by the Tadawul All Share Index, witnessed a downturn, declining by 56.096 points, or 0.46 percent, and ending at 12,060.03.
Trading activity culminated in a turnover of approximately SR5.7 billion ($1.52 billion), with market dynamics showing 60 stocks moving upwards, whereas 162 experienced a decrease.
The Kingdom’s secondary market, Nomu, followed suit with a decrease of 110.98 points, or 0.45 percent, settling at 24,721.72.
In addition, the MSCI Tadawul Index saw a modest drop of 6.26 points, or 0.4 percent, closing off at 1,566.62.
Leading the charge in positive performance was Etihad Atheeb Telecommunication Co., whose shares leapfrogged by 9.19 percent, reaching SR187.80. Al-Baha Investment and Development Co. and Saudi Real Estate Co. also enjoyed positive trajectories.
Conversely, Astra Industrial Group bore the brunt of the day’s losses, with its share price tumbling by 6.36 percent down to SR120.80. Tihama Advertising and Public Relations Co. and Bawan Co. also saw their shares in decline.
In the realm of corporate disclosures, a notable development involved Saudi Chemical Co. holding. Its unit, Saudi Chemical Co. Ltd., alongside Moxico Ajlan & Bros mining company, penned a memorandum of understanding to deliver blasting materials and services for the Alkhunayqiyah mine. This agreement aims to bolster the mining sector in Saudi Arabia with SCCL’s comprehensive suite of high-grade services and products.
In parallel, Arabian Drilling Co. shares, part of the energy sector on the primary Saudi market, hit a new peak since their listing at SR209.4. Thamer Al-Muhid, the CEO and managing director of Saudi Chemical Group, expressed optimism about the collaboration with Moxico Ajlan & Bros mining company, highlighting its role in enhancing the mining industry and contributing to the diversification and growth of the national economy.
Trading information disclosed that Arabian Drilling Co. stock had appreciated by more than 1 percent, with roughly 60,000 shares changing hands that day.
Following this upward trend, the stock’s value has soared by approximately 110 percent relative to its initial listing price of SR100. Since its market debut on November 7, 2022, the company has not altered its capital structure.