RIYADH: Saudi Arabia’s Tadawul Composite Index rose 75.3 points, or 0.61 percent, to close at 12,343.72 on Wednesday.
Total trading volume on the benchmark index was 7.09 billion Saudi riyals ($1.89 billion), with 136 stocks advancing and 83 declining.
Saudi Arabia’s parallel market, the NoM, fell 30.99 points, or 0.12 percent, to close at 25,653.38 as 26 stocks rose and 33 fell.
The MSCI Tadawul index rose 9.85 points, or 0.64 percent, to close at 1,545.63.
The day’s best-performing stock was Saudi Printing and Packaging Company, which rose 10 percent to close at 14.52 SAR.
Other strong performers included Saudi Industrial Development Company and Saudi Fisheries Company, which rose 9.93 percent and 9.9 percent respectively.
National Medical Care Company’s shares were the worst performer, falling 2.47% to 213.60 Saudi Riyals.
Other poor performers included Gulf Union Alaria Cooperative Insurance Company and Saudi Reinsurance Company, which saw their shares fall 2.28% and 2.17% to 16.26 SAR and 36 SAR, respectively.
In the parallel market, Al Mohafaza Education Company was the best performer, with its share price increasing by 9.21% to SR23.
Nomu’s other leading stocks were Armah Sports Co. and Balady Poultry Co., whose shares rose 5.33% and 4.49%, respectively.
Banan Real Estate Co. Ltd. was the worst performing Nom stock, falling 7.8% to 5.44 salaries.
Other notable decliners included Academy of Learning, Inc. and Lean Alkire Trading, Inc., whose shares fell 6.73% and 4.55%, respectively.
Officials at the Saudi Communications and Information Technology Company AZM confirmed that it had received the new project from the General Entertainment Authority.
The project aims to provide guidance and support to entrepreneurs and businesses in the entertainment sector, and reflects a strategic push to foster industry growth in line with Saudi Arabia’s Vision 2030.
The project is valued at more than 5% of AZM’s total revenue for 2024. Its scope includes advisory services to strengthen the capabilities of stakeholders in the entertainment sector.
The initiative builds on an existing partnership between AZM and GEA: AZM previously worked with GEA on a large-scale digital transformation project to modernize the agency’s operational framework.
Through this collaboration, AZM implemented IT solutions that strengthened GEA’s digital infrastructure and improved efficiency and service delivery. The project included upgrading critical systems, automating processes and integrating advanced technologies.