The Saudi Arabian stock market witnessed a significant recovery on Tuesday, with the Tadawul All Share Index climbing 58.22 points to conclude at 12,613.94, bouncing back from the previous day’s losses.
Trading activities soared as the market’s benchmark index reached a volume of SR8.38 billion ($2.23 billion), observing 124 stocks on the rise and 93 on the decline.
The nation’s secondary market, Nomu, also experienced a positive uptick, adding 71.18 points to its value, ending the day at 26,446.59.
In a modest increase, the MSCI Tadawul Index inched up by 0.21 percent, reaching a level of 1,599.07.
Leading the pack among the day’s top performers, Arabian Contracting Services Co. saw its shares skyrocket by 9.95 percent, touching SR229.80.
Following suit, Al-Rajhi Co. for Cooperative Insurance and Saudi Steel Pipe Co. both enjoyed substantial gains, with their shares up by 7.24 percent and 7.12 percent, respectively.
Conversely, Electrical Industries Co. faced a setback, with its share price falling by 5.53 percent to SR4.61, making it the day’s least successful performer in the main index.
Corporate announcements also made headlines, as Cenomi Centers reported the completion of an additional dollar-denominated sukuk for $100 million, which is a part of a larger $500 million sukuk due in 2029, with a settlement date set for March 18, 2024.
Tadawul disclosed that trading of Middle East Healthcare Co.’s sukuk is slated to commence on March 13, under the ticker 5019.
Additionally, SISCO Holding unveiled its 2023 financial outcomes, indicating a striking 94 percent surge in net profits to SR71.2 million, alongside a gross profit of SR538.1 million, reflecting a 29.29 percent increase from the previous year.
The company’s board has sanctioned a 4 percent cash dividend, equating to SR0.4 per share, for the latter half of 2023.