RIYADH: Saudi Arabia’s Tadawul All Share Index gained 38.22 points, or 0.37 per cent, to close at 10,507.72 on Wednesday.
While the MSCI Tadawul 30 index rose 0.21 per cent to 1,439.54, the parallel market Nomu closed 0.76 per cent higher at 19,212.09.
TASI’s benchmark index had a total trading turnover of SR3.41 billion ($910 million), with 99 stocks advancing and 100 declining out of 224 listed.
Saudi Public Transport Company was the biggest gainer, rising 6.56 percent to SR17.54.
Bupa Arab was the second biggest grosser for the cooperative insurance company, rising 3.82 per cent to SR157.80. The company on Tuesday received the approval of the Saudi Central Bank to renew its insurance activities license. The license is valid for three years, starting March 26, 2023, informed Tadawul, the insurer.
Other top gainers were Alkhaleej Training & Education Company, Savola Group and Sahara International Petrochemical Company. All the three stocks advanced within a range of 3-4 per cent.
The worst performing stock of the day was Banque Saudi Franci, which fell 4.63 per cent to SR37.05.
Other poor performers included Saudi British Bank, Al Alamiya for Co-operative Insurance Company, Riyadh Bank and Amana Co-operative Insurance Company.
Among sectoral indices, 13 of the 21 listed on the stock exchange declined; One remained flat while the rest advanced.
On the announcements front, the Saudi Company for Electronic Information Exchange, a wholly owned subsidiary of Elm Company, entered into a revenue-sharing agreement with the Zakat, Taxes and Customs Authority.
According to the audited financial statements of 2021, the value of the agreement is more than 5 percent of the total revenue. There is no fixed price of the contract. Instead, it depends on the number of transactions executed, and the company receives a percentage of the fees for such transactions.
The five-year agreement will provide Customs electronic and operational services, effective date commencing from the issuance of certificates. Its share price fell 0.37 percent to SR375.60.
Al Moammar Information Systems Company and Mobile Telecommunication Company Saudi Arabia, also known as Zain KSA, signed a non-binding memorandum of understanding on 7 February.
The 12-month MoU will be renewed based on the agreement of both the parties, MIS said in a statement on Tadawul.
As per the MoU, MIS and Jain KSA will explore potential opportunities for collaboration through design, launch and offering of certain products and services.
MIS signed another MoU with the Ministry of National Guard to support the digital transformation journey of the Ministry by developing data center strategy, information security, artificial intelligence and other emerging technologies in the enterprise space. The share price of MIS rose by 1.94 per cent to SR94.50.