Aldawaa, MBC Group hit record lows since listing

Shares of Aldawaa and MBC Group on Saudi Arabia's Tadawul fell to their lowest levels since their respective listings on July 13, according to data compiled by Argaam.

The two stocks have been under pressure since their market debuts, with Aldawaa closing at 86.70 riyals and MBC Group at 37.30 riyals. Both companies went public in 2022.

Aldawaa, a pharmacy chain operator, listed in March 2022 at 100 riyals per share. MBC Group, the media conglomerate behind the MBC network, debuted in January 2022 at 45 riyals.

The declines come as Saudi Arabia's benchmark index, the Tadawul All Share Index, has fallen roughly 5% year-to-date, weighed by lower oil prices and global rate uncertainty. Neither company has issued a statement on the share price moves.

Argaam's data did not specify trading volumes or identify specific sellers.