Saudi Manpower Solutions Co. Surges in Stock Market

The Saudi Arabian stock market, represented by the Tadawul All Share Index, faced a downward trend for the third day in a row. The index closed at 11,651.81 points, marking a decrease of 123.66 points on Wednesday. Trading activities were robust, with the total turnover reaching SR10.38 billion ($2.77 billion). Among the listed stocks, 38 showed gains while 195 experienced declines. The parallel market, Nomu, also witnessed a drop, closing at 26,649.44 after shedding 198.71 points. The MSCI Tadawul Index slipped by 1.12 percent to 1,456.40.

Key Performers and Market Movements

One of the standout performers of the day was Saudi Manpower Solutions Co., which saw its share price surge by an impressive 20.67 percent to SR9.05. Other notable gainers included Miahona Co. and Retal Urban Development Co., with their share prices rising by 9.96 percent and 7.11 percent, respectively. On the other hand, Al-Baha Investment and Development Co. experienced a significant decline, with its share price dropping by 7.14 percent to SR0.13. Over on the Nomu market, Rawasi Albina Investment Co. emerged as the top performer, witnessing a 9.25 percent increase in its share price to SR5.79. Pan Gulf Marketing Co. and Tam Development Co. also showed strong growth, with increases of 7.78 percent and 7 percent, respectively.

Corporate Announcements

Jahez International Company for Information System Technology made headlines by announcing the purchase of a real estate property valued at SR150 million in Riyadh's Al-Mohammadiyah district. The company disclosed that the transaction would be financed through banking facilities amounting to SR105 million, with the remaining balance covered by the company's internal resources. Additionally, TAM Development Co. informed shareholders about the approval of a 12.3 percent cash dividend, equivalent to SR1.23 per share, for the previous financial year.

Conclusion

The Saudi stock market's recent movements reflect the dynamic nature of financial markets, with both gains and losses being part of the trading landscape. Investors and analysts will continue to monitor these developments closely to assess the market's performance and identify potential opportunities. Stay tuned for more updates on the Saudi stock market as it navigates through various economic factors and corporate developments.