Saudi Arabia’s Tadawul All Share Index experienced a slight dip on Thursday, losing 80.97 points, or 0.69 percent, closing at 11,621.93, with a total trading turnover of SR5.24 billion ($1.39 billion). The MSCI Tadawul Index followed suit, dropping 1.42 points, or 0.76 percent, closing at 1,501.09. Notably, the parallel market Nomu defied the trend, rising by 55.10 points, or 0.23 percent, closing at 23,782.05, with Saudi Real Estate Co. emerging as the best performer, witnessing a 4.76 percent surge in share price to SR14.52. However, the day’s worst performer was National Medical Care Co., experiencing a 4.65 percent drop to SR156.
In a significant development, Fawaz Abdulaziz Alhokair Co. and Arabian Centres Co. announced a temporary halt in discussions regarding a possible business merger. Despite acknowledging the strategic advantages, both companies cited unfavorable market conditions and timing as reasons for deferring the merger until further notice. Additionally, the Saudi Capital Market Authority approved the listing of Kinan International for Real Estate Development and Al-Muhafatha for Education on the parallel market Nomu, with the opportunity limited to qualified investors. The CMA’s approval, valid for six months, requires the offering to be completed within this timeframe, with investors advised to await the issuance prospectus and consult financial advisors.