IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

RIYADH: Saudi Arabia’s Tadawul All Share Index fell 28.81 points — or 0.27 percent — on Monday to close at 10,810.68. 

While MSCI Tadawul 30 Index ended flat at 1,492.97, the parallel market Nomu fell 27.67 points to 19,151.14. 

TASI’s total trading turnover of the benchmark index on Monday was SR5 billion ($1.33 billion), with 69 stocks of the listed 223 advancing and 135 retreating. 

Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, was the topmost gainer of the day, rising 7.03 percent to SR18.88. 

The company was also the topmost gainer on Sunday as it rose 9.98 percent, following the announcement of its plans to divest 26 non-strategic brands to rationalize its brand portfolio. 

The franchisee retailer wants to focus on “champion brands” occupying the No. 1 or No. 2 positions in their sectors.  

The other top gainers were East Pipes Integrated Co. for Industry, healthcare player Al Hammadi Holding, Al Kathiri Holding Co., and Allianz Saudi Fransi Cooperative Insurance Co. 

The worst performer on Monday was Alinma Hospitality REIT Fund, which fell 4.80 percent to SR9.52 on its debut after opening at SR9.25. 

The SR1.2 billion fund was listed on Monday at SR10 per unit, taking the total number of real estate investment trusts in the primary market to 18. 

Subscriptions to the fund’s units took place during the period from Oct. 30 to Nov. 7, 2022. A minimum of 50 units were allocated to each subscriber, while the remaining shares were allocated pro-rata.    

The other stocks that performed poorly included Halwani Bros. Co., Yanbu Cement Co., Allied Cooperative Insurance Group, and Mulkia Gulf Real Estate REIT. 

Among sectoral indices, 12 of the 21 listed on the stock exchange declined, while one stayed flat and the rest advanced. 

The Media and Entertainment Index was the worst-performing sector as it fell 2.01 percent to 22,423.88, weighed down by its vital constituent, Saudi Research, and Media Group, which stumbled 2.48 percent to SR189. 

The Software & Services Index was the best-performing index thanks to Elm Co., which jumped 3.08 percent to SR354.60. On the other hand, Al Moammar Information Systems Co. moved up 2.34 percent to SR96.20. The other gainers were Arabian Internet and Communications Services Co. and Arab Sea Information System Co. 

On the announcements front, Saudi Paper Manufacturing Co. informed the stock exchange that its shareholders approved on Jan. 29 the board of directors’ recommendation to repurchase up to 1 million treasury shares, not exceeding 5 percent of the issued capital. 

The decision came as the board and executive management saw that the share market price was less than its fair value. 

The repurchase will be financed from the company’s resources using its cash balances or credit facilities, the company said in the statement to Tadawul.