11 deals worth $1.2bn signed on first day of IDEX, NAVDEX

RIYADH: Saudi Arabia’s Tadawul All Share Index lost 122.20 points — or 1.16 percent — on Monday to close at 10,370.17. 

While MSCI Tadawul 30 Index fell 1.33 percent to 1,417.61, the parallel market Nomu declined 0.44 percent to 19,286.88. 

TASI’s total trading turnover of the benchmark index was SR3.46 billion ($920 million) as 35 stocks of the listed 224 advanced and 180 receded. 

Among sectoral indices, 20 of the 21 listed on the stock exchange declined, while the Software & Services Index closed marginally high. 

The worst-performing index on Monday was the pharma, biotech and life science industry, which plunged 3.60 percent to 2,825.86. 

Insurance, diversified financials and banking witnessed massive selling as the sectors tanked 2 percent, 1.87 percent and 1.36 percent, respectively. 

Al Gassim Investment Holding Co. was the worst-performing stock of the day as it stumbled 5.65 percent to SR23.40. 

The other prominent losers were Tihama Advertising and Public Relations Co., Gulf Insurance Group, Wataniya Insurance Co. and Salama Cooperative Insurance Co. 

However, the best performer was Etihad Etisalat Co., which surged 5.71 percent to SR37. The telecommunications major on Sunday recommended an 11.5 percent cash dividend for 2022, at SR1.15 per share, amounting to SR885.5 million. 

On the announcements front, Emaar The Economic City informed the Saudi Stock Exchange that, on Feb. 19, it signed a term loan agreement of up to SR1 billion with the Public Investment Fund, a significant shareholder. 

The loan will be repaid through a single bullet payment at maturity within 18 months from the date of the agreement, according to a filing to Tadawul. 

The facility is guaranteed by real estate assets within King Abdullah Economic City, with a market value of no less than SR1.5 billion.  

The deal aims to enhance strategic plans and projects to become a leading industrial, commercial and tourism hub for the Kingdom’s western region. The company’s share price slipped 1 percent to SR7.77. 

National Building and Marketing Co. also announced that its board of directors approved the issuance of Murabaha Saudi riyal-denominated sukuk worth SR100 million, which will be offered in several tranches based on the existing market conditions.  

The issuance aims to enhance NBM’s working capital and capital expansions. 

The statement noted that the sukuk issuance is pending the approval of the Capital Market Authority. NBM’s share price, however, dropped 3.24 percent to SR221.20. 

Meanwhile, Qassim Cement Co.’s board of directors recommended a 6 percent dividend payout, or SR0.6 per share, for the fourth quarter of 2022, disbursing a total dividend of SR54 million. QACCO’s share price fell slightly to SR66.70.


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