Saudi Arabia's Tadawul All Share Index closed higher on Tuesday, gaining 39.37 points, or 0.36 percent, to settle at 10,852.41. The total trading turnover of the benchmark index reached SR4.30 billion ($1.14 billion), with 118 stocks advancing and 136 declining.
MSCI and Nomu Indices Also Rise
The MSCI Tadawul Index rose 6.11 points, or 0.42 percent, to close at 1,443.93. Meanwhile, the Kingdom's parallel market, Nomu, gained 3.5 points, or 0.02 percent, to finish at 22,667.30, with 32 stocks advancing and 28 declining.
Top Performers and Laggards
The best-performing stock was Saudi Steel Pipe Co., whose share price surged 7.76 percent to SR52.80. Other top performers included Arabian Pipes Co., with shares climbing 6.59 percent to SR7.12, and East Pipes Integrated Co. for Industry, which gained 4.78 percent to SR217.
On the downside, Saudi Industrial Export Co. fell 4.15 percent to SR2.31, marking the steepest decline of the session. United Cooperative Assurance Co. dropped 4.12 percent to SR3.26, while Naseej International Trading Co. declined 3.07 percent to SR29.72.
Makkah Construction Signs Renovation Contract
On the corporate front, Makkah Construction and Development Co. announced it has signed a contract with Roots Innovative Industrial Co. to renovate rooms at the Makkah Hotel and Towers. The agreement is valued at approximately SR372 million, excluding VAT, and is part of the company's broader asset enhancement strategy aimed at improving the guest experience and upgrading room quality to support the property's long-term performance and competitiveness.
The renovation works are expected to span about 19 months and will be carried out in phases under an approved execution plan. Activities are scheduled around peak seasons to ensure the hotel and towers remain fully operational throughout the project.
According to a Tadawul statement, the financial impact of the project will be recorded as capital expenditure over the execution period, while its effect on operating results will depend on implementation progress and market conditions. The company noted that its chairman, Saleh Mohammed Bin Laden, is a related party to the transaction and added that it will disclose any material developments related to the contract in accordance with applicable laws and regulations.
Makkah Construction and Development Co.'s share price edged up 0.06 percent to close at SR85.55.
