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Tadawul edges down 0.2%; Al Rajhi shares rise

RIYADH: The Tadawul All Share Index was down 25 points on Sunday, or 0.2 percent, closing at 11,566 points. A total of 205.6 million shares changed hands in 343,000 deals, with heavy trading in shares of Al Rajhi Bank. Its shares rose by 2.9 percent, which is the seventh session of gains, to record the stock’s highest closing since April 2006. SABIC, which was up 1.3 percent, ....

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Almarai keeps gaining on Bakemart acquisition


Dubai: Saud Arabian stocks dropped in early trade on Wednesday in line with other GCC stock markets which pulled back after a recent rally made a point for investors to encash their positions. But Saudi s dairy company Almarai extended its gains after acquiring Bakemart in UAE and Bahrain.
Saudi Arabia s benchmark index dropped 0.3 per cent to 9,631 points under pressure from a wide sell-off. But the gauge was pushed lower the most by banking and petrochemical stocks with Al Rajhi Bank, Riyad Bank, Sabic and Saudi Kayan all dropping.
Investors cheer acquisition
However, Almarai shares appreciated for a second consecutive day after the Gulf s largest dairy firm acquired 100 per cent of Bakemart UAE and Bakemart Bahrain for an enterprise value of AED 93.5 million in a deal aimed at further expanding Almarai’s bakery product offering. The acquisition will also contribute to the kingdom s food security in alignment with the kingdom s vision 2030, the company said. ....

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