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  • 11-04-23

    Saudi Arabia's Tadawul All Share Index Drops Amidst Decline in Banking Sector

    (MENAFN) On Monday, Saudi Arabia's Tadawul All Share Index dropped by 60.30 points, or 0.35 percent, to 10,905.48. Meanwhile, the parallel market Nomu also fell by 24.84 points or 0.12 percent, closing at 20,039.15. The MSCI Tadawul 30 Index also dipped by 0.50 percent to 1,481.70. The total trading turnover of the benchmark index was SR5.27 billion (USD1.40 billion).

    The banking sector took a significant hit, with Al-Rajhi Bank, a heavyweight in the sector, shedding 2 percent and closing at SR75.50. Other banks, including Riyad Bank, Bank Albilad, SABB, and Dar Al Arkan, also fell between 1 and 3 percent. Sipchem and Almarai also experienced a decline.

    On the other hand, Sadr Logistics Co. was the top gainer of the day, with its share prices increasing by 9.96 percent to SR41.95. Other top performers of the day were Anaam International Holding Group and Al-Baha Investment and Development Co., whose share prices went up by 9.82 percent and 6.14 percent, respectively.

    Ash-Sharqiyah Development Co. was the worst performer of the day, with its share prices dropping by 6.15 percent to SR56.50. Al Kathiri Holding Co.'s share prices also dropped by 5.37 percent to SR70.50, while shares of Arabian Cement Co. dipped by 3.63 percent to SR35.80.

    In terms of announcements, Banque Saudi Fransi revealed that its board of directors had agreed to repurchase up to 2 million ordinary shares to retain them as treasury shares for the Employee Shares Incentive Program. The bank stated that the buyback would be financed by its internal resources, according to a Tadawul statement. The current percentage of BSF's treasury shares of total target shares stands at 0.511 percent.

    Saudi Industrial Services Co.'s board of directors also approved a 4 percent cash dividend, or SR0.40 per share, for the second quarter of 2022. The company stated that this distribution is the final payment of ordinary dividends for the fiscal year ending Dec. 31, 2022, under the approved policy for 2022 and 2023.

    The drop in the Tadawul All Share Index and Nomu reflects a decline in the banking sector, with Al-Rajhi Bank and other banks experiencing significant losses. However, some companies, such as Sadr Logistics Co., Anaam International Holding Group, and Al-Baha Investment and Development Co., managed to perform well. The announcements made by Banque Saudi Fransi and Saudi Industrial Services Co. also indicate developments in the banking and industrial sectors.

    MENAFN11042023000045014228ID1105978145

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