The Tadawul All Share Index in Saudi Arabia maintained its ascending momentum for a third successive day, experiencing a sizable leap of 108.68 points, a 0.88 percent increase, to conclude at 12,404.59.
During this upward trend, the primary index saw a trading volume that reached a hefty SR11.50 billion ($3.07 billion), with 129 listed stocks on the upswing and 85 experiencing a downturn.
Concurrently, the Kingdom’s secondary market Nomu witnessed a modest rise of 73.44 points, ending the day at 25,378.92.
In parallel, the MSCI Tadawul Index also enjoyed gains, adding 13.63 points to close at 1,604.88.
Leading the charge among the top performers on the main index was Tanmiah Food Co., whose shares soared by 9.89 percent, reaching SR122.20. Not far behind were Salama Cooperative Insurance Co. and Al-Baha Investment and Development Co., registering share price increases of 8.70 percent and 7.14 percent, respectively.
On the flip side, Lumi Rental Co. found itself at the bottom of the performance chart, with its share price retracting by 5.13 percent to close at SR114.60.
Recent corporate announcements included a statement from Riyad Bank, which disclosed that its directors had proposed a 7.5 percent cash dividend, translating to SR0.75 per share for the latter half of 2023. This follows a report earlier in February highlighting the bank’s 15 percent net profit surge for 2023, amounting to SR8.04 billion.
Yamama Cement Co. also made headlines with its board’s recommendation for a 10 percent cash dividend, equating to SR10 per share, despite declaring a 15 percent dip in net profit for 2023, which stood at SR304.3 million.
In the realm of index adjustments, MSCI’s recent periodic review brought changes, including the addition of ADES Holding Co. to the MSCI Global Standard Index and the exclusion of Rabigh Refining and Petrochemical Co.
The review further saw the induction of Lumi Rental Co., Saudi Reinsurance Co., and Saudi Steel Pipe Co. into the MSCI Saudi Arabia Small Cap Index, while Riyadh Cables and Saudi Fisheries Co. were removed from the same index. Additionally, National Industrialization Co., also known as Tasnee, was moved from the MSCI Global Standard Index to the MSCI Saudi Arabia Small Cap Index.