Closing Bell: Saudi main index continues it downward movement

Saudi Arabia’s Tadawul All Share Index continued its downward trend for the third consecutive day as it shed 123.66 points to close at 11,651.81 on Wednesday.

The total trading turnover of the benchmark index was SR10.38 billion ($2.77 billion) with 38 stocks advancing and 195 declining.

Saudi Arabia’s parallel market Nomu also shed 198.71 points to close at 26,649.44.

The MSCI Tadawul Index slipped by 1.12 percent on to 1,456.40.

The best-performing stock of the day was Saudi Manpower Solutions Co. The firm’s share price soared by 20.67 percent to SR9.05.

Other top performers included Miahona Co. and Retal Urban Development Co., whose share prices surged by 9.96 percent and 7.11 percent respectively.

The worst performer of the day was Al-Baha Investment and Development Co. as its share price edged down by 7.14 percent to SR0.13.

Rawasi Albina Investment Co. emerged as the best performer on Nomu with its share price increasing by 9.25 percent to SR5.79.

The share price of Pan Gulf Marketing Co. and Tam Development Co. also surged by 7.78 percent and 7 respectively.

On the announcements front, Jahez International Company for Information System Technology disclosed that it purchased a real estate property at a value of SR150 million in Riyadh’s Al-Mohammadiyah district in Riyadh.

In a Tadawul statement, the company noted that the transaction will be financed from banking facilities at a value of SR105 million, while the remaining payment will be paid through the company’s own resources.

Meanwhile, TAM Development Co. announced that shareholders approved the board of directors’ recommendation to distribute a 12.3 percent cash dividend, or SR1.23 per share for the last financial year.