RIYADH: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has begun accepting bids for the sale of benchmark-sized, dollar-denominated 7-year Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday. 

The indicative price for the sukuk sale has been placed around 145 basis points over US Treasuries, the document shows. 

Last week, Reuters reported through sources that Gulf issuers, including Saudi Arabia’s $925 billion sovereign wealth fund, are preparing a series of bond offerings despite market volatility caused by US President Donald Trump’s tariff policies.

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 38.43 points, or 0.33 percent, to close at 11,746.20.

The total trading turnover of the benchmark index was SR6.87 billion ($1.83 billion), as 86 stocks advanced, while only 157 retreated. 

The MSCI Tadawul Index decreased by 5 points, or 0.33 percent, to close at 1,493.77. 

The Kingdom’s parallel market, Nomu, dipped, losing 89.34 points, or 0.31 percent, to close at 28,331.37. This comes as 35 stocks advanced, while 43 retreated.

The best-performing stock on the main index was Arabian Contracting Services Co., with its share price surging by 9.88 percent to SR131.20.

Other top performers included Al-Baha Investment and Development Co., which saw its share price rise by 4.94 percent to SR4.25, and Sumou Real Estate Co., which saw a 3.93 percent increase to SR 46.25. 

The worst performer of the day was Alistithmar AREIC Diversified REIT Fund, whose share price fell by 3.39 percent to SR9.41. 

Saudi Tadawul Group Holding Co. and Saudi Kayan Petrochemical Co. also saw declines, with their shares dropping by 2.94 percent and 2.83 percent to SR185 and SR5.83, respectively. 

On the announcements front, Alinma Bank announced its interim financial results for the first three months of the year, with net profit amounting to SR1.5 million, a 1.3 percent dip compared to the previous quarter.

The bank’s total comprehensive income saw a 56 percent increase in the first quarter of 2025 to reach SR1.6 million. 

Saudi Ceramic Co. also announced its financial results for the same period, with its net profit dipping by 88.4 percent to SR20.8 million compared to the previous quarter. Similarly, the company’s total comprehensive income saw a decrease of 88.7 percent to SR20.8 million. 

Saudi Ceramic Co.’s share price traded 3.15 percent higher on the main market to reach SR27.85. 

In the first quarter of 2025, Astra Industrial Group’s net profits saw a 30.7 percent quarter-on-quarter increase to reach SR171.8 million. The group attributed the increase to an uptick in gross profit in the pharmaceuticals sector and a decrease in finance costs in the specialty chemical sector. 

The group’s share price traded 0.52 percent lower to reach SR153.