Saudi’s first budget surplus in eight years offers an opportunity for stock market growth

RIYADH: After estimating the Saudi budget surplus of SR90 billion ($24 billion), the stock market started the trading session in green territory as investor confidence in the market increased.

Tadawul’s main benchmark, TASI, rose 0.78 percent to 11054.45 points, while the parallel market Nomu rose 0.25 percent to 24047.05 points in early trading.

The biggest winner of the session was Eastern Province Cement Co., up 7.89 percent.

Al Sagr Insurance and Development Works Food were among the five best-performing stocks in morning trading, rising nearly 4.5 percent.

The losses were relatively insignificant, as shares of the biggest loser, Saudi Industrial Export Co., fell 1.58 percent.

Wafrah for Industry has announced the resignation of its chief executive officer Maqid Alotaibi.

Bonyan REIT Fund announced a cash dividend of 3.2 percent at SR0.32 per share for the six-month period ended October 13, 2021.

Tourism Enterprise Co., sham, reduced accumulated losses to 56.9 thousand SRs, representing one percent of the capital.

Al Yamamah Steel Industries Co. announced the payment of a 10 percent dividend at SR1 per unit for the six-month period ending September 30, 2021.

Suliman Al Habib Medical Group signed a SR94.5 million construction contract with Masah Construction Co. for its subsidiary Sehat Al Kharj Hospital.

Trading rights of SR300 million from Batic Investment and Logistics Co. started today, December 13, and ends on December 23.

The subscription period for the capital REIT fund of Saudi Economic and Development Securities Co. expires on December 16.

Saudi Real Estate Co., Al Akaria, has revised its capital increase recommendation from SR1.6 billion from SR1.593 billion.