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Closing Bell: TASI rebounds to close at 12,614 as trading turnover hits $2.23bn

 Recouping its losses from Monday, the Tadawul All Share Index in Saudi Arabia rebounded on Tuesday, gaining 58.22 points to close at 12,613.94.

The Kingdom’s benchmark index recorded a trading value of SR8.38 billion ($2.23 billion), with 124 listed stocks advancing and 93 declining.

The parallel market Nomu in Saudi Arabia also experienced gains, climbing 71.18 points to close at 26,446.59.

Additionally, the MSCI Tadawul Index saw a slight increase of 0.21 percent, reaching 1,599.07.

The standout performer of the day was Arabian Contracting Services Co., with its share price skyrocketing by 9.95 percent to SR229.80.

Among the top performers were Al-Rajhi Co. for Cooperative Insurance and Saudi Steel Pipe Co., both witnessing significant increases of 7.24 percent and 7.12 percent in their share prices, respectively.

Conversely, Electrical Industries Co. was the worst performer in the main index on Tuesday, as its share price decreased by 5.53 percent to SR4.61.

In other news, Arabian Centers Co., commonly known as Cenomi Centers, announced the completion of an additional dollar-denominated sukuk issuance worth $100 million, part of the outstanding $500 million sukuk issued on March 6, 2024, and maturing in 2029. The settlement for this sukuk issuance is scheduled for March 18, 2024.

Meanwhile, Tadawul disclosed that Middle East Healthcare Co.’s sukuk would commence trading on March 13 under the symbol 5019.

Additionally, Sustained Infrastructure Holding Co., also known as SISCO Holding, released its financial results for 2023. According to a statement from Tadawul, the company reported a staggering 94 percent increase in net profit to SR71.2 million compared to the previous year. Moreover, its cumulative gross profit for 2023 reached SR538.1 million, marking a 29.29 percent rise from the preceding year.

Furthermore, the board of SISCO Holding approved a 4 percent cash dividend, equivalent to SR0.4 per share, for the second half of 2023.

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