Closing bell: TASI ends 42 points higher to close at 10,724 

RIYADH: Saudi Arabia’s Tadawul All Share Index on Sunday gained 42.61 points — or 0.40 percent — to close at 10,724.62. 

While MSCI Tadawul 30 Index edged up 4.61 points to close at 1,486.51, the parallel market Nomu slumped 243.64 points to 19,213.17. 

TASI’s total trading turnover of the benchmark index on Sunday was recorded at SR3.09 billion ($820 million), with 140 stocks of the listed 223 advancing and 64 falling. 

Hail Cement Co. was the topmost gainer of the day, which rose 6.51 percent to SR12.10. The other top gainers were Saudi Advanced Industries Co., Middle East Healthcare Co., Al Hammadi Holding and East Pipes Integrated Co. for Industry. 

The worst performer on Sunday was Dur Hospitality Co., which fell 2.69 percent to SR22.40. Other top decliners were Arabian Cement Co., Qassim Cement Co., Dallah Healthcare Co. and Almarai Co. 

Incidentally, Almarai Co. declared its financial results and registered a 13 percent rise in its net profit after zakat and tax for 2022 to SR1.75 billion from SR1.56 billion in 2021. Its revenues during 2022 increased 18 percent to SR18.7 million from SR15.8. The dairy major’s share, however, fell 1.61 percent to SR55.10. 

Among sectoral indices, 16 of the 21 listed on the stock exchange advanced while the rest declined. The Diversified Financial Index was the top performer as it rose 1.87 percent to 6,268.38. All constituent stocks, including Saudi Advanced Industries Co, Kingdom Holding Co., Saudi Tadawul Group Holding Co., Sinad Holding Co.and Nayifat Finance Co., ended positively. 

Food and Beverages Index and Utilities Index dropped 0.62 percent to close at 4,904.33 and 7,456.54, respectively. While the worst-performing stock in the food and beverages sector was Almarai, the utility sector buckled under the weight of Saudi Electric Co, which fell 1.20 percent to close at SR23.06.  

On the announcements front, Al Masane Al Kobra Mining Co. informed the stock exchange on Sunday that the Ministry of Industry and Mineral Resources issued on Jan. 18 issued it a new exploration license to prospect for gold.  

The license is valid until Nov. 24, 2027, and covers an area of 34 square kilometers in the Asir region, according to a statement to Tadawul. The license is also in line with the new Mining Investment Law and its executive regulations. AMAK’s share price rose 0.9 percent to SR78.1. 

Aldrees Petroleum and Transport Services Co. told Tadawul that its board of directors recommended on Jan. 22 a 20 percent cash dividend, or SR2 per share, for 2022, doling out a total dividend of SR150 million.  

Aldrees’ share price picked up 0.13 percent to SR79.6. 

ACWA Power Co. also communicated to the stock exchange that Jazan Integrated Gasification and Power Co. completed the acquisition of the second group of assets for the Jazan Integrated Gasification Combined Cycle project. 

The utility major said the project involves the acquisition of the $12 billion IGCC plant from Saudi Arabian Oil Co. The first group of IGCC assets was acquired on Oct. 27, 2021. ACWA Power’s share price fell 0.49 percent to SR161.  

National Medical Care Co. also inked a share purchase agreement with SmartMed Co. to purchase 100 percent of Jiwar Medical Services Co. for SR65 million.  

The acquisition deal will be financed through the healthcare provider’s internal sources and credit facilities, according to a statement to Tadawul. The company’s share price surged 1.54 percent to SR79.20.