The Saudi Arabian Mining Company (Ma'aden) stock recorded an exceptional performance in trading on Wednesday, as it continued its upward trajectory, achieving a qualitative leap that pushed it to surpass the 71 riyal mark, a price level that the stock has not witnessed since its official listing on the Saudi Stock Exchange in 2008. This rise reflects the growing confidence of investors in the mining sector in the Kingdom and the company's expansion plans.
Trading details and record figures
According to data from the Saudi Stock Exchange (Tadawul), the stock rose by 0.8% to reach SAR 71.35, bringing its year-to-date gains to nearly 17%. Trading activity was notable, with the value of shares traded reaching approximately SAR 84.58 million by 10:40 AM Riyadh time, representing a volume of 1.17 million shares.
Trading screens also showed the execution of 2,831 transactions on the stock, with the price fluctuating between a low of 70.95 riyals and a high of 72.35 riyals, noting that the stock opened trading at 71.50 riyals compared to the previous closing price of 70.80 riyals.
Mining: The third pillar of Vision 2030
This historic surge in Ma'aden's share price cannot be viewed in isolation from the broader economic context in Saudi Arabia. Ma'aden is at the forefront of the mining sector, which has been designated as the third pillar of Saudi industry, alongside oil and petrochemicals, under Vision 2030. The Kingdom is working diligently to develop its mineral wealth, estimated to be worth trillions of riyals, placing Ma'aden at the heart of major economic transformations and enhancing its investment appeal to both domestic and foreign portfolios.
Ma'aden's status and historical development
Since its listing in 2008, Ma'aden has transformed from a gold mining company into a diversified global mining giant with an integrated phosphate and aluminum portfolio, as well as exploration activities for base and rare earth minerals. This strategic expansion, fueled by rising global commodity prices and increasing demand for metals used in future technologies and clean energy, has directly contributed to strengthening the company's financial position and driving its share price to record highs.
Performance of the Saudi market index
Coinciding with the rise in Maaden's share price, the main market index (TASI) opened Wednesday's trading session in positive territory, rising 0.25% to reach 10,921 points. Total trading value in the market reached approximately SAR 1.11 billion by 10:40 AM, indicating healthy liquidity and a general sense of optimism among traders in the financial market.
