Saudi TASI Falls 0.19% to Close at 11,015.72; Angola Seeks $18.6 Billion Bond Issuance
Saudi Arabia's Tadawul All Share Index slipped nearly 0.2% amid mixed trading activity while Angola actively pursues a major foreign bond issuance program valued at over $18 billion.
Saudi Arabia's Tadawul All Share Index closed lower on Wednesday, dropping 20.53 points or 0.19% to finish at 11,015.72. Approximately 181.5 million shares traded in volume totaling SR3.87 billion ($1.03 billion). Among the losers, insurance firms dominated the decline; Al-Etihad Cooperative Insurance fell 7.28% to SR7.90, Walaa Cooperative Insurance dropped 4.83% to SR11.23, and Amana Cooperative Insurance decreased 2.92% to SR7.65. The main market's top performer was Armah Sports Co., which surged 9.99% to SR59.45, followed by Arab Sea Information System at 6.77%. Separate from the equity market, Angola is actively seeking international investors for a local government bond issue with a total value of $18.6 billion. Finance Minister Vera Daves de Souza stated during a London event that the nation is expanding its capital market base and deepening its financial markets infrastructure. She confirmed the government holds talks with J.P. Morgan regarding a new currency-denominated debt index for offshore markets and mentioned upcoming meetings with international buyers in Luanda later this month.
