Closing Bell: Saudi main market ends lower at 10,670

02/09/2025 03:40 AST

Saudi Arabia's Tadawul All Share Index closed lower on Monday, slipping 26.33 points, or 0.25 percent, to end at 10,670.56.

The total trading turnover reached SR3.87 billion ($1.03 billion), with 208.26 million shares changing hands, as 61 stocks advanced while 186 declined.

The MSCI Tadawul 30 Index edged down 0.56 points, or 0.04 percent, to 1,381.50.

The Kingdom's parallel market Nomu also fell, losing 9.80 points, or 0.04 percent, to settle at 25,933.23, with 36 gainers against 45 losers.

Among the top performers, Electrical Industries Co. rose 4.02 percent to SR9.31, followed by Etihad Atheeb Telecommunication Co., which gained 3.74 percent to SR111. SABIC Agri-Nutrients Co. added 3.14 percent to close at SR118.40, while Al Masane Al Kobra Mining Co. increased 2.94 percent to SR63.10. Saudi Industrial Investment Group also climbed 2.89 percent to SR19.60.

On the losing side, Rabigh Refining and Petrochemical Co. dropped 5.71 percent to SR6.61, while Arab National Bank slipped 4.58 percent to SR23.10. Development Works Food Co. retreated 4.35 percent to SR118.60, Qassim Cement Co. fell 3.30 percent to SR41.64, and AYYAN Investment Co. declined 3.15 percent to SR11.69.

In corporate announcements, Red Sea International Co. reported the results of its ordinary general assembly meeting held on Aug. 31, 2025. Shareholders approved a major transaction involving its subsidiary, the Fundamental Installation for Electric Work Co., in which Red Sea holds a 51 percent stake.

The deal includes offering 12 million ordinary shares of the subsidiary - equivalent to 30 percent of its share capital - through an initial public offering on the Saudi Exchange. Red Sea will retain its 51 percent holding.

Shares of Red Sea closed 2.84 percent lower at SR43.80.

Separately, the Saudi Exchange confirmed the listing and trading of Marketing Home Group for Trading Co. on the main market effective Sept. 2, 2025. The company's shares will have daily price fluctuation limits of 30 percent and static limits of 10 percent during the first three days, reverting to 10 percent thereafter.

Obeikan Glass Co. announced it had signed a sale and purchase agreement to acquire all shareholder stakes in Obeikan AGC Co., a joint venture in which it previously held 19 percent. The SR22.9 million deal covers shares held by AGC France Holding, Obeikan Investment Group, and Saudi Advanced Industries Co. Following the acquisition, Obeikan Glass will assume full ownership of Obeikan AGC.

Its shares ended the session down 0.57 percent at SR28.10.

Meanwhile, Jamjoom Fashion Trading Co., the Saudi apparel and lifestyle group behind brands Nayomi and Mihyar, announced the price range and launch of its initial public offering on Nomu.

The IPO price range has been set between SR140 and SR145 per share, valuing the offering at SR334 million to SR346 million and giving the company a market capitalization at listing of SR1.11 billion to SR1.15 billion.

The offering comprises 2,384,340 shares, or 30 percent of the company's capital, owned by Kamal Osman Jamjoom Trading Co. The subscription period for qualified investors runs from Sept. 1 to 4, with allocation expected by Sept. 9 and refunds by Sept. 11.