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Saudi stock market gains 93 points led by rekindled investor spirit: Closing bell

RIYADH: Saudi Arabia’s Tadawul All Stock Index on Tuesday made a startling comeback after touching a low of 10,055.56 at 11:13 a.m. to close 93.97 points up — or 0.92 percent — to 10,280.15, led by buying in almost all sectors.  

The materials and utility sectors ushered the rally, which gained 2.29 percent and 1.1 percent, respectively. The capital goods and banking sectors also evinced interest among investors as the indices rose by 1.10 percent and 1.09 percent, respectively.  

“Within the banking sector, gains in larger banks such as Al Rajhi Bank and Alinma Bank more than offset declines in 7 out of 11 banking stocks on the exchange,” Junaid Ansari, head of investment strategy and research at Kamco Invest, told Arab News.  

While Al Rajhi Bank increased 3.7 percent to close at SR75.70 ($20.13), Alinma Bank gained 1.73 percent to end at SR32.30.  

“Performance in the materials sector was also mixed but the gains in large-cap names like SABIC Agri-Nutrients and SABIC more than offset the declines,” added Ansari.  

SABIC Agri-Nutrients Co. on Monday declared an 80 percent cash dividend or SR8 per share, for the second half of 2022, doling out SR3.8 billion. With this payout, the company’s total cash dividend will touch SR5.71 billion for this year. The announcement saw the company’s share price rise by 6.8 percent to finish at SR144.40.  

The other companies that brought a sliver of cheer among the shareholders were Almarai Co., which recommended a 10 percent cash dividend or SR1 per share, for 2022 and Riyadh Cement Co., which declared a 7.5 percent cash dividend or SR0.75 per share for the second half of this year.   

Both companies, however, closed lower, with Almarai Co. falling 0.38 percent to SR53.8 and Riyadh Cement Co. shedding 5.39 percent to SR30.7.  

The market breadth captured the mood well, with 139 stocks of the listed 221 heading north and 69 turning south. The total trading turnover was SR4.29 billion ($1.14 billion).  

“The market also gained support from a recovery in crude oil prices that regained the $80 per barrel mark during the day,” said Ansari.  

Brent crude futures were up 33 cents at $80.13 a barrel by 1215 GMT, adding to a 76-cent gain in the previous session, even as US West Texas Intermediate crude futures for February delivery rose 57 cents to $75.95 after climbing 90 cents on Monday.  

Parallel market Nomu, however, lost steam and closed 65.13 points down at 18,650.90. Meanwhile, Molan Steel Co. started trading on Nomu, earmarking its 29th listing in 2022. The exchange also announced the listing and trading shares of Saudi Top for Trading Co. on Dec. 22.  

On the announcements front, Arabian Aramco Total Services Co. on Tuesday informed Tadawul that it partially redeemed SR214.5 million worth of sukuk scheduled semi-annually, representing 5.72 percent of the Sukuk’s original face value.

This redemption came per the redemption schedule in the prospectus approved by the Capital Market Authority. Subsequently, the face value of each certificate becomes SR38,880, and the outstanding sukuk principal is SR1.46 billion.  

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