Tuesday, October 19 2021

RIYAD: Tadawul All index stock closed last week’s trading in the green zone for the fifth session in a row with an increase of 112.11 points.

On the last trading day, the index closed at 11,495.75 points, the highest level since January 15, 2018.

Liquidity reached SR 6.7 billion with 181.9 million shares traded in over 293,000 transactions. Al-Rajhi Bank, Tasnee and SABIC shares pushed the market higher.

Al-Rajhi Bank and the National Bank of Saudi Arabia posted gains of 1.3% and 2%, respectively, and STC’s share rose 2.6%.

The market was also supported by the solid start of Saudi Telecom’s “Solutions by stc” unit.

The Saudi stock exchange is expected to end 2021 with more than 30 new listings, the chairman of its Capital Markets Authority recently said. The regulator approved five new listings last week.

Saudi Telecom Co. also announced that it has received a letter from the Public Investment Fund regarding a study to sell part of its shares in STC, while retaining a controlling stake of more than 50%.

STC shares have risen nearly 20% so far this year, according to data from Refinitiv.

“The potential transaction is expected to contribute to the establishment and development of new sectors by PIF, in addition to enhancing the growth of the Saudi economy and diversifying its sources of income,” PIF said in a statement.

PIF said it has appointed Goldman Sachs, HSBC, Morgan Stanley and SNB Capital to advise on the deal.

Nomu, the shadow market index, fell 257.36 points, or 1.08%, to close at 23,652.32 points, after 1,970 trades.

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