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13-04-23

Saudi Arabia's Tadawul All Share Index Rebounds, Led by Emaar Economic City

(MENAFN) On Wednesday, Saudi Arabia's Tadawul All Share Index bounced back from previous losses and rose by 86.34 points or 0.80 percent, closing at 10,935.39. The MSCI Tadawul 30 Index also increased by 0.78 percent to 1,483.72, while the parallel market Nomu rose by 123.04 points or 0.61 percent to 20,235.61. The benchmark index had a total trading turnover of SR4.68 billion (USD1.25 billion).

Emaar The Economic City was the top performer of the day, with its shares rising by 6.5 percent to SR8.52. East Pipes Integrated Co. for Industry and Middle East Specialized Cables Co. were among the other top performers of the day, with their shares up by 6.37 percent and 4.79 percent, respectively. In contrast, Arabian Internet and Communications Services Co. was the worst performer, with a drop of 3.96 percent in its share prices.

In other news, Najran Cement Co. announced that its board of directors had approved a 2.5 percent cash dividend, or SR0.25 per share, for the second half of 2022. The company's shareholders also authorized the distribution of interim dividends on a quarterly or semi-annual basis for the year 2023. As a result, the company's share prices rose by 0.41 percent to SR14.74.

Retal Urban Development Co. also made an announcement on Wednesday, revealing that it has established a private real estate fund called Rimal Park Fund. The fund has an estimated cash and in-kind value of SR65 million, which represents 33 percent of the fund's equity. The Rimal Park Fund aims to develop a luxurious business complex and a residential and commercial complex over two adjacent land plots spanning 54,503 sq. m in Alkhobar. However, the company's share prices dipped by 0.34 percent to SR117.60.

Finally, Almarai Co.'s shareholders approved a 10 percent cash dividend, or SR1 per share, for 2022. The company had reported a net profit of SR1.75 billion in 2022 earlier in January, up 13 percent compared to 2021.

The rebound of the Tadawul All Share Index on Wednesday indicates that the Saudi stock market is showing resilience and investors are optimistic about the country's economic prospects. The rise in share prices of Emaar The Economic City, East Pipes Integrated Co. for Industry, and Middle East Specialized Cables Co. suggests that investors are confident in these companies' future growth potential. The establishment of the Rimal Park Fund by Retal Urban Development Co. and the approval of cash dividends by Najran Cement Co. and Almarai Co. also demonstrate that companies in Saudi Arabia are taking steps to attract investors and generate value for their shareholders.
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