RIYADH: Saudi Arabia’s CMF Selects has successfully concluded its inaugural international market event, hosted at the London Stock Exchange.

The gathering, as announced in a press release, marked a key milestone for CMF Selects, an initiative under the Saudi Capital Market Authority. The event aimed to strengthen strategic partnerships between the Kingdom and global markets.

Organized by CMF Selects, the event attracted more than 245 influential participants, including industry experts and investors from the UK, Saudi Arabia, and other international markets.

CMF Selects is a targeted series of events under the CMF umbrella, focusing on specialized topics that are relevant to Saudi Arabia and its global partners.

Sarah Al-Suhaimi, chairperson of the Saudi Tadawul Group, stated: “The forum has contributed to strengthening the relationships between Saudi Arabia and the United Kingdom, enabling both sides to leverage promising growth opportunities and foster investments between the two markets.”

She added: “We are pleased to continue the journey of success and expand the Financial Markets Forum, aspiring to establish its position as a leading platform for innovation in financial markets. We aim to organize the first Financial Markets Forum in London by 2026.”

Michael Mainelli, the Lord Mayor of the City of London, commented: “The first edition of the event has highlighted the strength of the Saudi-British partnership and their fundamental role in achieving joint Saudi-British visions of growth, as well as strengthening links between the financial markets.”

Discussions throughout the event focused on exploring economic and investment opportunities across a range of sectors, including finance, technology, and sustainable development.

One of the key themes of the event was sustainability and technological innovation—both central to Saudi Arabia’s Vision 2030. Conversations explored how these areas could be advanced through international investment, with the goal of driving economic growth and resilience in both Saudi Arabia and the UK.

Looking ahead, CMF Selects plans to host a series of similar market hub events in other global financial centers, including New York, Tokyo, and Frankfurt.

The press release also revealed that this initiative is part of a broader strategy to position Saudi Arabia as a global financial powerhouse by 2026, supporting the Kingdom’s efforts to diversify and strengthen its economy.

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 24.37 points, or 0.20 percent, to close at 12,014.94.

The total trading turnover of the benchmark index was SR5.73 billion ($1.52 billion), as 86 of the listed stocks advanced, while 140 retreated.   

The MSCI Tadawul Index decreased by 4.65 points, or 0.31 percent, to close at 1,507.83.

The Kingdom’s parallel market Nomu surged, gaining 768.81 points, or 2.74 percent, to close at 28,831.58. This comes as 42 of the listed stocks advanced while 32 retreated.

The best-performing stock of the day was Riyadh Cables Group Co., with its share price surging by 6.95 percent to SR117.  

Other top performers included Arabian Cement Co., which saw its share price rise by 4.51 percent to SR25.50, and Al Moammar Information Systems Co., which saw a 4.38 percent increase to SR185.80. 

The worst performer of the day was Wataniya Insurance Co., whose share price fell by 9.96 percent to SR24.04.

Al-Etihad Cooperative Insurance Co. and Shatirah House Restaurant Co. also saw declines, with their shares dropping by 9.34 percent and 5.77 percent to SR18.44 and SR21.22, respectively.  

On the announcements front, Saudi Public Transport Co. announced its interim consolidated financial results for the first nine months of the current year. SAPTCO’s shares dropped in today’s trading session, dipping by 1.01 percent to reach SR21.58.

According to a Tadawul statement, the firm recorded a net loss of SR20.8 million in this period of the year, reflecting a 53.3 percent dip compared to the same term in 2023.

The decline in net profit for the current period, compared to the same period last year, is due to lower operating revenue from reduced public transportation operations, along with higher general and administrative expenses, increased finance costs, and higher zakat and tax, combined with a decrease in finance income.

The Saudi Arabian Cooperative Insurance Co. also announced its interim financial results for the same period ending on Sept. 30. SAICO’s shares dropped in today’s trading session, decreasing by 2.89 percent to SR14.78.

Net profit before zakat attributable to the shareholders for the current period amounted to SR43.2 million compared to SR65 million during the same period of the previous year, which was mainly due to a decrease of 44.9 percent in the net insurance service, which was affected by a decrease in medical business.

​​For the first nine months of this year, Abdullah Al Othaim Markets Co. revealed its results for the first nine months of this year, with total comprehensive income amounting to SR220.6 million – a year-on-year decrease of 30.4 percent.

Abdullah Al Othaim Markets Co.’s shares decreased in today’s trading session by 1.92 percent to reach SR11.24.

Gulf Insurance Group’s income over the same period also dropped – with the SR78.2 million it registered representing an annual fall of 19.7 percent.

GIG’s shares also saw declines by 0.84 percent to reach SR29.50. 

The individual investor subscription for Tamkeen Human Resources’ initial public offering on the Saudi stock market started Nov. 5 and runs until Nov. 6. 

According to a statement from the company, a total of 1.59 million shares, representing 20 percent of the offering, are allocated to individual investors at SR50 per share. 

The deadline for subscription and payment is Nov. 6, with the final allocation announced on Nov. 11. The minimum subscription is 10 shares, and the maximum is 250,000. Saudi Fransi Capital managed the initial public offering, which saw an institutional demand of SR55 billion, with coverage 138.2 times.