Arab News, Monday, May 29, 2023 | Thul-Qidah 9, 1444
Saudi bourses feel the heat as US debt ceiling clouds global markets
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index fell 46.52 points to close at 11,138.05
on Sunday, exercising caution ahead of the US debt ceiling decision that has
gripped global markets.
While the parallel market Nomu slipped slightly to
21,0553.54, the MSCI Tadawul Index closed flat at 1,483.75.
The total trading turnover of the benchmark index
was SR4.66 billion ($1.24 billion) as 98 stocks of the listed 224 advanced and
113 retreated.
East Pipes Integrated Co. for Industry and
Alkhaleej Training and Education Co. were the worst-performing stocks of the
day, as their share prices fell about 5 percent to SR63.40 and SR22.50,
respectively.
However, Al Alamiya for Cooperative Insurance Co.
emerged as the No. 1 stock as its share price surged 9.79 percent to SR17.50.
Saudi Pharmaceutical Industries and Medical
Appliances Corp., Saudi Enaya Cooperative Insurance Co., Saudi Industrial
Services Co., and Saudi Fisheries Co. also had a field day as their share prices
rose in the 5 percent range.
On the announcements front, Bupa Arabia for
Cooperative Insurance informed Tadawul that it registered a 212.9 percent
increase in net income to SR188.6 million during the first quarter of 2023
compared to SR60.3 million in the year-ago period.
The company said the strong performance was driven
by a 27.2 percent annual increase in insurance revenue and a 77.7 percent
decline in net expenses from reinsurance contracts held. Its share price jumped
1.58 percent to SR179.80.
Abdulaziz and Mansour Ibrahim AlBabtain Co. told
the Saudi Stock Exchange that its shareholders approved a 5 percent cash
dividend or SR0.5 per share for the first half of 2022. The company will dole
out SR1.7 million in dividends on May 25. Its share price progressed 2 percent
to SR51.
Last week, Al Moammar Information Systems Co.
signed two contracts worth SR188.72 million.
The first contract was concluded with Advanced
Electronics Co. Ltd. to renew software licenses at SR47.04 million. The contract
has a term of five years.
The second 24-month agreement was signed with the
National Center for Government Resources Systems for SR141.68 million. The deal
entails establishing and building the infrastructure for a unified government
resource system by supplying and installing hardware and software. MIS’s share
price increased 0.9 percent to SR134.
On Nomu, Aqaseem Factory for Chemicals and
Plastics Co. announced its plans to issue Saudi riyal-denominated sukuk through
an offering on the website of Sukuk Capital Co.
The company said the issuance value will be
determined later based on market conditions and will be employed to support the
company’s operational activities.
The stock exchange also witnessed the retail
subscription of two initial public offerings: Morabaha Marina Financing Co. and
Al Mawarid Manpower Co.
MMFC has offered about 2.14 million shares, or 10
percent of the total shares, at SR14.60 each, while AMMC proposed 450,000 shares
at SR64 each.
These IPOs are the first on Tadawul this year.