Saudi largest medical group moves to Tabuk as region gets boost from NEOM, TRSDC

Saudi stocks open higher amid preparations for the Future of Metals Forum: the opening bell

RIYADH: The Saudi Stock Exchange opened the trading week higher as investors await the launch of the Kingdom’s Future of Metals Forum later this week.

As of 10:15 am Saudi time, the main index “Tadawul” rose 0.5 percent to 11,487 points, while the parallel growth market fell 0.8 percent to 25,419 points.

Among the top five gainers, Saudi Arabian Mining, Gulf Mining Co., known as Ma’aden, saw a 2.4 percent increase in its share price, reaching SR82 ($21.8).

The Saudi Cable Company recorded the highest gains in early trading, up 7 percent, after its request to reduce its capital to 262 million Saudi riyals was approved by the Capital Market Authority.

In the banking sector, the share of the largest Saudi bank by market value, Al-Rajhi Bank, rose 0.3 percent to 143 riyals, and the Saudi National Bank increased 1.6 percent to 68.6 riyals.

Shares of Saudi oil giant Aramco rose 0.3 percent to 35.6 riyals.

Shares in the Saudi National Company for Education and Education, or NCLE, rose 2.7 percent against a profit increase of 378 percent during the quarter ending November 30, 2021, compared to the same quarter last year.

On top of losses, shares of the Saudi Dairy and Food Products Company, or SADAFCO, fell by 2.2%, despite the proposal of the board of directors to pay 3 riyals per share for the first half of the fiscal year ending on March 31, 2022.