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Closing Bell: Saudi stock falls flat on seasonal year-end slowdown, closes at 10,323

RIYADH: Saudi Arabia’s Tadawul All Stock Index on Wednesday fell flat to close at 10,276.94 points, between a high of 10,323.38 at 10:10 a.m. Riyadh time and a low of 10,252.81 at 2:03 p.m.

It also booked a decline of 8.91 percent or 1,004.77 points in its year-to-date performance.

The lackluster show was predominant in the Gulf Cooperation Council region, where all indices except a closed apartment. The Qatar Stock Exchange index is 33 points higher to end at 10,997.70 points.

“TASI moved sideways after the market traded in a tight range in line with the rest of the GCC markets which saw marginal changes on the day,” said Junaid Ansari, head of investment strategy and research at Kamco Invest, Arabic News.

The advance-decline ratio bucked the trend, however, as 136 stocks out of the listed 221 gained, while 64 fell. Total trade turnover was SR3.54 billion ($940 million), down from Tuesday’s SR4.29 billion.

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“A third consecutive gain in oil prices has also not made a significant positive impact on the regional markets,” Ansari said.

Brent crude futures were up 93 cents at $80.92 a barrel by 1:30 p.m. Riyadh time, while US West Texas Intermediate crude futures gained 80 cents at $77.03. Both contracts were up more than $1 earlier in the session.

“Trading activity also remained subdued, possibly reflecting a seasonal slowdown towards the end of the year,” Ansari added.

The sectoral indices also gave a mixed response showing minimal changes in the indices. However, the utilities index registered the biggest decline of 1.3 percent, with four of the five constituent stocks witnessing declines.

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Parallel market Nomu however rose 100.88 points to 18,751.78.

Meanwhile, SNB Capital, the lead manager of Saudi Aramco Base Oil Co., also known as Luberef, announced on Wednesday that its client completed the retail offer with a coverage ratio of 230.1 percent. The number of retail subscribers reached 524,800, with a total application value of approximately SR2.85 billion. A minimum of 10 shares were allocated per retail subscriber. The remaining shares will be issued on a pro-rata basis, based on the size of each subscriber’s demand for total shares.

Perfect presentation for Commercial Services Co., also known as 2P, has informed TASI that it has signed a joint strategic agreement with Huawei Co. Through this partnership, the company seeks to transfer knowledge and gain strength in network and infrastructure solutions, modern data center systems, video conferences and online meetings, and renewable energy solutions. As a result, the company’s share price rose 3.45 percent to close at SR179.80.

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The highlight of the day was definitely the dividend announcements of Arab National Bank and Alinma Bank. While ANB announced cash dividends of SR0.6 per share for the second half of 2022, Alinma Bank declared cash dividends of SR0.5 per share for the same period.

Al Hassan Ghazi Ibrahim Shaker Co., ruling the roost among the gainers, closed up 7.52 percent at SR20.30. The other top winners of the day were Al-Rajhi Co. for Cooperative Insurance and Al Gassim Investment Holding Co.

The top losers were Tourism Enterprise Co., Alamar Foods Co., Riyadh Cables Group Co., and Almarai Co., ACWA Power Co.

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