Saudi Arabia: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 30.19 points, or 0.27 percent, to close at 11,174.02

The total trading turnover of the benchmark index was SR5.78 billion ($1.54 billion) as 118 of the listed stocks advanced, while 95 retreated. 

Similarly, the MSCI Tadawul Index rose 1.15 points, or 0.08 percent, to close at 1,435.

The Kingdom’s parallel market, Nomu, slipped 453.70 points, or 1.89 percent, to close at 23,549.89. This comes as 26 of the listed stocks advanced while as much as 33 retreated.

The best-performing stock of the day was National Agricultural Development Co., whose share price surged 9.87 percent to SR26.50.

Other top performers include Riyadh Cables Group Co. and Saudi Enaya Cooperative Insurance Co., whose share prices soared by 9.41 percent and 8.22 percent to stand at SR84.90 and SR16.58, respectively.

In addition to this, other top performers included Sustained Infrastructure Holding Co. and Sinad Holding Co.

The worst performer was Naqi Water Co., whose share price dropped by 6.84 percent to SR73.60.

Other poor performers were United Cooperative Assurance Co. as well as Tourism Enterprise Co., whose share prices dropped by 4.76 percent and 3.23 percent to stand at SR9.01 and SR0.60, respectively.

Al-Omran Industrial Trading Co. and Riyadh Cement Co. also saw drops in value.

On the announcements front, the Saudi Exchange disclosed the inclusion and commencement of trading for Lana Medical Co. shares on Nomu. 

Meanwhile, shareholders of United Cooperative Assurance Co. have approved, in a statement, the planned merger with Saudi Enaya Cooperative Insurance Co., involving the transfer of its assets and liabilities through a share swap offer.

Enaya shareholders, however, have declined the deal put forward by UCA.

The completion of the merger is contingent upon the endorsement of both companies’ shareholders.