RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 32.85 points, or 0.28 percent, to close at 11,859.47.

The total trading turnover of the benchmark index reached SR2.80 billion ($747 million), as 78 stocks advanced and 143 retreated.

Similarly, the Kingdom’s parallel market Nomu declined by 120.35 points, or 0.39 percent, to close at 30,886.71, with 37 stocks advancing and 38 retreating.

The MSCI Tadawul Index also dropped 3.44 points, or 0.23 percent, to end at 1,490.30.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged 7.58 percent to SR79.50. Other top performers included The Mediterranean and Gulf Insurance and Reinsurance Co., which rose by 7.17 percent to SR24.80, and The National Co. for Glass Industries, up 4.15 percent to SR55.20.

On the downside, Saudi Research and Media Group recorded the steepest drop, falling 3.86 percent to SR269.00. Al-Baha Investment and Development Co. saw its share price decline by 3.85 percent to SR0.50, while Red Sea International Co. dropped 3.63 percent to SR58.40.

On the announcement front, Mutakamela Insurance Co. launched its new identity and brand name, Mutakamela, following regulatory approvals and shareholder consent at its extraordinary general assembly meeting. 

Mutakamela ended the session unchanged at SR14.78.

Al-Yamamah Steel Industries Co. reported a net profit of SR70.8 million for the year ending Sept. 30, a significant turnaround from the SR130.14 million loss recorded in the previous year. The profit increase was attributed to reduced costs in the construction sector by 20.82 percent, electricity by 7.56 percent, and solar energy by 10.35 percent.

Additionally, the company’s board recommended distributing SR25.4 million in cash dividends to shareholders for the fiscal year ending Sept. 30. Eligible shareholders will receive a dividend of SR0.50 per share, representing 5 percent of the share’s par value, with 50.8 million shares eligible for the payout. 

Al-Yamamah Steel closed the session at SR35.00, down 1.75 percent.

Arabian Contracting Services Co. secured a project worth SR563 million with the Royal Commission for Riyadh City to invest in and lease internal advertising spaces within the King Abdulaziz Public Transport Project in Riyadh. 

The 10-year agreement aligns with the company’s strategy to expand its advertising activities. 

Its stock rose 0.68 percent to close at SR149.00.

Bank Al-Jazira announced the start of issuing its Additional Tier 1 Sukuk under a SR5 billion program through private placement. The issuance amount and terms will be determined based on market conditions, with a minimum subscription of SR1 million. 

The sukuk offer price, par value, and return will also be market-dependent. The bank has appointed Al-Jazira Capital, Al-Rajhi Capital, and HSBC Saudi Arabia as joint lead managers and dealers.

Bank Al-Jazira’s stock rose 0.96 percent to close at SR18.68.

ISLAMABAD: Pakistan’s foreign office spokesperson on Thursday downplayed comments by US President-elect Donald Trump’s special envoy nominee, Richard Grenell, who this week called for ex-PM Imran Khan’s release from prison, describing them as statements made in his “individual capacity.”
Speaking to Newsmax TV, an American conservative television channel on Tuesday, Grenell called on the Joe Biden government to use its last days in power to push for Khan’s release from prison so he could run for office in Pakistan. 
Grenell has attracted attention in Pakistan since last month when he began posting on X about Khan. On Nov. 26, Grenell posted, “Release Imran Khan!” as the jailed leader’s supporters staged protests in Islamabad demanding his release. In a follow-up post, he said, “Watch Pakistan. Their Trump-like leader is in prison on phony charges … Stop the political prosecutions around the world!” Grenell has since continued to express support for Khan.
Khan has been in jail since August 2023 on charges he claims are fabricated by the government and the powerful military to prevent him from participating in politics. Both the government and the military deny the allegations. 
“As far as any individual capacity, anyone making statements in their individual capacity, we would not like to comment on that,” Foreign Office spokesperson Mumtaz Zahra Baloch said during a weekly press briefing in response to Grenell’s statement. 
“We continue to engage with officials and public personalities in the US and continue to discuss with them issues of mutual interest and mutual concern.”
She highlighted how Pakistan has repeatedly reiterated its desire to have “positive and constructive” relations with the US based on “mutual respect, mutual interest, and non-interference” in their respective domestic affairs.
Pakistan’s Defense Minister Khawaja Asif also downplayed Grenell’s recent posts supporting Khan this month, saying the government did not expect the remarks to have any “repercussions” once Trump came to power in January 2025. 
Khan, ousted from office after a parliamentary vote in April 2022, has since led an unprecedented campaign of defiance against Pakistan’s powerful military. The military is widely believed to be aligned with Prime Minister Shehbaz Sharif’s coalition government, but it denies interfering in politics.
Despite his imprisonment, Khan remains highly popular. His Pakistan Tehreek-e-Insaf (PTI) party rallies draw thousands nationwide, and the party has held several rallies to build public pressure for his release.
Last month, four soldiers and 12 PTI supporters were killed during a protest in Islamabad after security forces raided a demonstration in the heavily policed Red Zone, home to key government and diplomatic buildings, as well as the Supreme Court.
Khan’s party was also banned from Pakistan’s general election on February 8, 2024, but PTI candidates ran as independents. 
Despite the ban and Khan’s convictions for charges ranging from corruption to leaking state secrets, millions of his supporters voted for him. Independent candidates from his party secured the most seats, though not enough to form a government. Khan remains ineligible for office while in prison.