Market Update: Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador – Full Analysis

RIYADH: Saudi Arabia’s Tadawul All Share Index opened the week on a positive note, gaining 134.90 points, or 1.21 percent, to close at 11,268.48. 

The total trading turnover of the benchmark index stood at SR4.77 billion ($1.27 billion), with 202 listed stocks advancing and 61 declining. 

The Kingdom’s parallel market Nomu also gained 99.47 points to close at 23,612.74. 

The MSCI Tadawul Index advanced 1.44 percent to 1,517.57. 

The best-performing stock on the main market was Saudi Tadawul Group Holding Co., whose share price rose 9.97 percent to SR161. 

Makkah Construction and Development Co.’s share price increased 9.91 percent to SR87.65. 

Dar Alarkan Real Estate Development Co. also saw its stock climb 8.32 percent to SR19. 

Conversely, East Pipes Integrated Co. for Industry saw its share price decline 2.38 percent to SR126.90. 

On the announcements front, ACWA Power said its board of directors recommended the buyback of 1.19 million shares, which will be held as treasury shares and subsequently granted to eligible employees under the long-term incentive scheme 

In a Tadawul statement, the Saudi utility company said the buyback will be financed through internal resources. 

The company added that treasury shares currently account for 0.11 percent of its total outstanding shares. 

ACWA Power’s share price rose 1.22 percent to SR181.90. 

Saudi Arabian Mining Co., also known as Maaden, said it completed the issuance of $1 billion in US dollar-denominated sukuk, offered to qualified investors inside and outside Saudi Arabia. 

The trust certificates have a par value of $200,000 and offer a return of 5.25 percent, with a maturity of 10 years, according to a Tadawul statement. 

The trust certificates will be listed on the London Stock Exchange’s International Securities Market and may be sold in reliance on Regulation S and Rule 144A under the US Securities Act of 1933, as amended. 

Maaden’s share price increased 7.18 percent to SR77.65.