Aramco’s iktva forum and exhibition kick off in Saudi Arabia Gulf Business News

Aramco’s iktva forum and exhibition kick off in Saudi Arabia

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 17.84 points – or 0.16% – on Sunday to close at 10,839.49.

While the MSCI Tadawul 30 index finished at 1,499.46, the parallel market Nomu fell 73.53 points to 19,252.34.

TASI’s total trading turnover in the benchmark on Sunday was SR3.24 billion ($860 million), with 104 of the 223 stocks listed up and 101 down.

Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, was the day’s biggest gainer, rising 9.98% to SR 17.64. Cenomi Retail informed the Stock Exchange on Sunday of its intention to sell 26 non-strategic brands to rationalize its brand portfolio.

In the first phase of its transformation programme, the franchise retailer decided to divest three brands under Azal Restaurant and Shawarma Almuhalhl for SR25 million.

The company said it wanted to focus on “champion brands” occupying the No. 1 or No. 2 positions in their sectors.

Other big winners are Abdulmohsen Alhokair Group for Tourism and Development, Halwani Bros. Co., Knowledge Economic City and Al Sagr Cooperative Insurance Co.

Sunday’s worst performer was Development Works Food Co., which fell 3.27% to SR165.80. Other stocks that performed poorly included ACWA Power Co., Saudi Industrial Investment Group, Tihama Advertising and Public Relations Co. and Maharah Human Resources Co.

Among the sector indices, nine of the 21 publicly traded indices fell while the others rose.

The utilities index was the worst performing sector as it fell 2% to 7,152.92, weighed down by ACWA Power which fell 3.08% to 150.80 SR.

While Alkhorayef Water and Power Technologies Co. fell 2.04% to SR 144.20, National Gas and Industrialization Co. slipped 0.39% to SR 51.60.

The insurance index was the best performing index thanks to Al Sagr Cooperative Insurance Co., which jumped 5.35% to SR 16.14. In contrast, Arabia Insurance Cooperative Co. rose 3.95% to SR11.06. The other winners were Alinma Tokio Marine Co., Aljazira Takaful Taawuni Co. and Salama Cooperative Insurance Co.

On the announcements front, Saudi-based Amiantit Co. on Sunday reported net losses after zakat and taxes at SR 8.8 million in 2022 from SR 171.3 million the previous year.

Net losses fell due to continued sales growth as revenue increased by 16% from SR438.91 in 2021 to SR508.82 in 2022. Its share price rose by 4.51% to reach 44 SR.

On January 27, Arabia Insurance Cooperative Co. informed the stock exchange that the Central Bank of Saudi Arabia had issued final approval on its business insurance product. In a filing to Tadawul, the insurer said the approved product is a professional liability insurance policy for auditors of entities supervised by the Capital Market Authority. AICC share price rose 3.95% to SR11.06.

The Saudi Stock Exchange also announced that Alqemam for Computer System Co. will be listed and start trading on the Nomu-Parallel market on Tuesday, January 31, as a direct listing with ticker symbol 9558. In addition, the company has set its direction priced at SR80. per share.

[gptAramco’s iktva forum and exhibition kick off in Saudi Arabia


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