On Thursday, Saudi Arabia’s Tadawul All Share Index (TASI) saw a modest increase, rising by 6.99 points, or 0.06 percent, to close at 12,194.43. The day's trading turnover reached SR7.57 billion ($2.02 billion), with 133 stocks advancing and 90 declining.
The Kingdom's parallel market, Nomu, also experienced growth, edging up by 618.03 points, or 2.38 percent, to close at 26,578.37. Out of the listed stocks, 41 advanced while 31 retreated.
The MSCI Tadawul Index slightly gained 1.40 points, or 0.09 percent, closing at 1,524.12.
Top Performers:
- Herfy Food Services Co. led the market with its share price climbing 9.92 percent to SR26.60.
- CHUBB Arabia Cooperative Insurance Co. and Al-Rajhi Co. for Cooperative Insurance were also among the notable gainers.
Worst Performers:
- Buruj Cooperative Insurance Co. saw a decline of 2.82 percent, closing at SR23.42.
- Raydan Food Co. and Ataa Educational Co. were also among the day's worst performers.
Corporate Announcements:
East Gas has requested the Capital Market Authority's approval to list 20 percent of its capital on the parallel market, Nomu, with plans for a future listing. This move follows Amiantit’s announcement, which holds a 13 percent stake in East Gas, highlighting the company's role in distributing gas to industrial cities.
Malath Cooperative Insurance Co. signed a non-binding memorandum of understanding (MoU) with Liva Insurance to explore a potential merger. The merger would involve issuing new ordinary shares by one company to the shareholders of the other. The MoU does not guarantee the merger's completion, as both companies will conduct due diligence and negotiate terms.
Earnings Reports:
- Horizon Food Co. reported a net profit of SR4.43 million for the first half of the year, marking a 70.06 percent increase compared to the same period in 2023, attributed to higher sales.
- Abdulaziz and Mansour Ibrahim Albabtin Co. announced a net profit of SR4 million, a 33.33 percent rise from the previous year.