Saudi Tadawul Index Drops 0.97% Amid Market Declines

Key Performers and Major Losses in Saudi Arabia's Stock Market

The Tadawul All Share Index in Saudi Arabia fell by 117.19 points, or 0.97%, closing at 11,982.30 on Sunday. Trading turnover was SR5.01 billion ($1.33 billion), with 61 stocks advancing and 166 declining.

The parallel market Nomu decreased by 27.72 points, or 0.11%, ending at 25,740.79, with 30 stocks rising and 42 falling. The MSCI Tadawul Index also dropped 16.44 points, or 1.09%, to close at 1,494.11.

Nayifat Finance Co. led the gains, with its share price increasing by 9.98% to SR14.54. Other notable performers included Red Sea International Co. and Saudi Industrial Export Co.

Alistithmar AREIC Diversified REIT Fund was the worst performer, with a 3.72% drop to SR8.80. Arriyadh Development Co. and BinDawood Holding Co. also saw significant declines.

Mayar Holding Co. has submitted a request to the Capital Market Authority to approve a SR500 million Saudi riyal-denominated convertible sukuk program, intended to finance working capital and capital expansions over 24 months.

Bawan Co. signed a binding agreement to acquire all outstanding shares of Petronash Global Limited. The initial payment is $80 million for 80% of the shares, with an additional $60 million contingent on financial targets over the next three years. The remaining 20% will be purchased after the 2027 or 2028 audited financial statements are issued.

Petronash, established in 2000 in the UAE, specializes in custom-engineered solutions for the oil and gas industry. The company operates mainly in Saudi Arabia, employing around 1,000 people, with manufacturing facilities in Dammam, Dubai, Abu Dhabi, Doha, and Chennai, totaling approximately 120,000 sq. meters of space. Petronash serves national oil and gas firms in the GCC and exports to the Far East, Africa, and the Americas.

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