Saudi Arabia forms first entrepreneurship alliance to solidify its space sector  

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s Tadawul All Share Index on Monday gained 41.15 points — or 0.38 percent — to close at 10,765.77. 

While MSCI Tadawul 30 Index edged up 5.96 points to close at 1,492.47, the parallel market Nomu slumped 104.49 points to end at 19,352.32. 

TASI’s total trading turnover on Monday was SR3.43 billion ($910 million), with 91 stocks of the listed 223 advancing and 111 falling back. 

Red Sea International Co. was the topmost gainer of the day, which rose 9.88 percent to SR27.80. The other top gainers were East Pipes Integrated Co. for Industry, Thob Al Aseel Co., Al-Rajhi Co. for Cooperative Insurance and Saudi Industrial Export Co. 

The worst performer on Monday was Tihama Advertising and Public Relations Co., which fell 4.75 percent to SR88.20. Utility major ACWA Power also slipped 3.6 percent to SR155.20. Other top decliners were Al Hammadi Holding, Arabian Centres Co. and Kingdom Holding Co. 

Among sectoral indices, 11 of the 21 listed on the stock exchange advanced while the rest declined. The Energy Index was the top performer as it rose 1.62 percent to 5,577.23. Three of the six constituent stocks closed higher, led by Saudi Aramco, which ascended 1.69 percent to close at SR33. 

However, Rabigh Refining and Petrochemical Co., also known as Petro Rabigh, took a 0.36 percent hit to close at SR11.80.  

The Utilities Index, however, dropped 2.11 percent to 7,299.07 to emerge as the worst-performing sector of the day, led by ACWA Power and followed by Alkhorayef Water and Power Technologies Co. and The Power and Water Utility Co. for Jubail and Yanbu. The last two tumbled by 1.48 percent and 0.83 percent, respectively. 

On the announcements front, Saudi Real Estate Co. informed the exchange on Jan. 23 that it signed a two-month memorandum of understanding with Al Tahaluf Real Estate Co. to establish a special purpose vehicle to develop 250 residential villa units within Al-Akaria Park Masterplan in Riyadh city, with an estimated total development cost of SR 377 million. SREC’s share price rose marginally higher to close at SR12.56. 

Moreover, Musharaka REIT Fund will pay a cash dividend of 2 percent, or SR0.20 a unit, totaling SR17.6 million, from July 1 to Dec. 31, 2022, according to a filing to Tadawul. Its share price descended 2.89 percent to SR8.39. 

Petro Rabigh announced on Monday the gradual start of operation of phase II units ahead of the previously set deadline. The company said the turnaround maintenance would ensure the safety and stability of future operations, the reliability of the company’s production plants and improved efficiency. 

Meanwhile, East Pipes Integrated Co. for Industry on Sunday sealed several contracts with NEOM at an estimated value of SR373 million. The steel pipes maker said the agreements, which entail the supply of steel water transmission pipelines to NEOM, are valid for 12 months. Its share price closed 5.18 percent higher on Monday to SR45.70. 

Noting that the news was copied from another site and all rights reserved to the original source.

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