RIYADH: On Wednesday, the benchmark index for Saudi Arabia advanced, with 148 out of 219 listed companies closing higher, as investors entered the market in an attempt to start a bull run.
Parallel market Nomu closed 473 points higher at 18,866, while Tadawul All Share Index advanced 142 points to close at 10,896.91. The total trading turnover for the day was an encouraging SR8 billion ($2.13 billion), compared to SR2.58 billion recorded on Sunday.
The largest solar photovoltaic plant in the Middle East will be developed by major Saudi utility ACWA Power, which recently announced that it has signed a power purchase agreement with Water and Electricity Holding Company.
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The 2,060 MW project, located in Mecca, is scheduled to be completed by the fourth quarter of 2025 and will supply electricity to 350,000 homes. Investors scrambled to buy shares in response to the news, causing the share price to rise 4.32 percent and close at SR140.20.
The Chefz SPV Ltd. acquired by Saudi Arabian food delivery app Jahez for SR325 million. announced a share purchase agreement to buy 134,620 shares, giving it a 100 percent stake. The share price rose nearly 12 points to SR602.
To support its employee stock incentive plan, Saudi Telecom Company disclosed the repurchase of 11.59 million shares for SR453 million at an average price of SR39.16. The stock rose 1.1 percent from opening at SR38.10 to close at SR38.45.
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Additionally, the stock exchange issued a flurry of dividend and bonus shares, which heated up the market.
Al Hammadi Holding, a player in the healthcare industry, on Tuesday recommended a cash dividend of 3.5 percent, or SR0.35 per share, for the fourth quarter of the year for a total of SR56 million. To turn off on SR42, only part of it dropped upstream.
A bonus issue of one-to-five shares was also suggested by Nafiyat Finance Company, resulting in a slight increase in the share price, which closed at SR20.70.
A proposal to pay a cash dividend at 7.5 percent of the capital of the international human resources company, or SR0.75 per share, for the first half of 2022 was approved by the company's shareholders. The share price rose nearly 3% to SR64.
Dallah Healthcare Company was the day's top gainer, with its share price rising 9.8% to close at SR173.60.
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National Company for Learning and Education, Amlak International for Real Estate Finance Company, Arabian Internet and Communications Services Company, and Almassen Alcoabra Mining Company were some other companies that dominated the market, posting an average growth of 7.54 per cent.
Tourism Enterprise Company, Jadwa REIT Saudi Fund, Riyadh REIT Fund, Yanbu Cement Company and Ash-Sharqiyah Development Company were among the biggest losers.