Saudi Tadawul Steady Amid Key Gains in ACWA Power and Other Leading Stocks
Riyadh -Saudi Arabia’s stock market remained steady on Sunday, with the Tadawul All Share Index (TASI) closing at 11,690.61, reflecting a marginal decline of 0.05 percent or 5.97 points.
The market witnessed a total trading turnover of SR4.13 billion ($1.10 billion), with 84 stocks advancing against 168 decliners, highlighting a day of selective gains across key sectors.
The Kingdom’s parallel market, Nomu, also experienced a slight pullback, declining 0.44 percent to close at 25,484, while the MSCI Tadawul Index edged down 0.08 percent to 1,522.15.
Despite these minor dips, market sentiment remained resilient, supported by strong performances from leading companies and positive corporate developments.
The top performer of the day on the main market was Saudi utility giant ACWA Power, whose share price rose 5.92 percent to SR248.70.
This boost followed the announcement that its subsidiary, Hajjar Two Electricity Co., had achieved financial closure for the expansion of the Qurayyah Independent Power Plant in the Eastern Province, adding a total capacity of 3,010 megawatts.
This milestone reinforces ACWA Power’s ongoing role in Saudi Arabia’s energy expansion and the Kingdom’s commitment to sustainable power projects.
Other notable performers included CHUBB Arabia Cooperative Insurance Co., whose stock advanced 3.57 percent to SR31.90, and Development Works Food Co., with its share price rising 3.43 percent to SR144.90.
These gains reflect investor confidence in companies demonstrating strong operational performance and growth potential in their respective sectors.
On the flip side, Naseej International Trading Co. experienced a 6.37 percent decline, closing at SR67.05.
While the stock saw a temporary pullback, broader market trends indicate continued stability and opportunities for selective investment.
In corporate developments, Banque Saudi Fransi announced plans to issue an additional tier-1 SR-denominated sukuk under its SR8 billion AT-1 capital sukuk issuance program.
Saudi Fransi Capital was appointed as the sole bookrunner, lead coordinator, and lead manager for the potential private placement.
The bank noted that the offer is aimed at strengthening its capital base, with the final number and value of sukuk to be determined based on prevailing market conditions.
Following the announcement, the bank’s share price edged up slightly to SR18.60, signaling investor support for the strategic initiative.
Technology and innovation also received attention, as Al Moammar Information Systems Co. (MIS) signed a 36-month contract valued at SR42.93 million with the Saudi Authority for Data and Artificial Intelligence (SDAIA).
Under the agreement, MIS will implement a Deem cloud security sustainability project, as well as provide IT development and service solutions for SDAIA.
The contract’s impact is expected to be reflected in the company’s financials by the fourth quarter, highlighting the growing importance of technology and innovation in driving sustainable growth in the Kingdom.
Overall, Sunday’s market activity reflects a steady and resilient trading environment, with positive momentum in key sectors such as energy, insurance, and technology.
ACWA Power’s strong performance underscores the strength of Saudi Arabia’s utility and infrastructure sectors, while other advancing stocks illustrate investor confidence in companies with strong fundamentals and growth strategies.
The Tadawul continues to demonstrate stability, with selective gains balancing minor declines, signaling a mature market capable of absorbing fluctuations while maintaining long-term investor confidence.
The combination of corporate achievements, strategic contracts, and robust sector performance points to a promising outlook for the Saudi stock market as it continues to attract both domestic and international investors.
In summary, while the Tadawul All Share Index closed nearly flat, the day’s trading highlighted key winners, ongoing corporate developments, and a resilient market environment.
With strong performers like ACWA Power and initiatives in technology and finance, Saudi Arabia’s capital markets continue to provide opportunities for growth, investment, and long-term economic development.
