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Generative AI market value to hit $1.27tn globally by 2032: SDAIA 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 10.56 points, or 0.09 percent, to close at 11,702.90. 

The total trading turnover of the benchmark index was SR5.77 billion ($1.55 billion) as 110 of the listed stocks advanced, while 106 retreated.  

Similarly, the MSCI Tadawul Index dipped 4.95 points, or 0.33 percent, to close at 1,512.51. 

The Kingdom’s parallel market Nomu also dropped by 187.98 points, or 0.79 percent, to close at 23,726.95. This comes as 27 of the listed stocks advanced while as many as 30 retreated. 

The best-performing stock of the day was Saudi Automotive Services Co., whose share price surged 10 percent to SR69.30.  

Other top performers include Aldrees Petroleum and Transport Services Co. and Saudi Co. for Hardware, whose share prices soared by 9.93 percent and 6.35 percent to stand at SR157.20 and SR36, respectively. 

In addition to this, other top performers included Middle East Specialized Cables Co. and Saudi Steel Pipe Co. 

The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 7.14 percent to SR0.13. 

Other worst performers were Alamar Foods Co. as well as Elm Co., whose share prices dropped by 3.99 percent and 2.63 percent to stand at SR91.50 and SR800, respectively. 

Moreover, other worst performers also include Saudia Dairy and Foodstuff Co. and Abdulmohsen Alhokair Group for Tourism and Development. 

On the announcements front, Red Sea International Co. has signed a four-year deal with Baker Hughes to design and operate modular buildings supporting oil exploration in the Eastern Province.  

According to a Tadawul statement, the fully furnished units, resilient to harsh conditions, will serve as offices, dining areas, gyms, and more.  

Beyond construction, RSI will provide ongoing support services, including catering and utilities. Revenues are expected from the fourth quarter of 2024.

Source: Arab News

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