Saudi Stock Market Takes a Hit
In a tumultuous day of trading, Saudi Arabia’s Tadawul All Share Index plummeted by 1.64 percent, shedding 207.91 points to close at 12,500.43. The total trading turnover for the benchmark index reached SR10.22 billion ($2.72 billion), with a stark contrast of 42 stocks advancing and 186 declining.
Parallel Market and MSCI Tadawul Index Follow Suit
Nomu, Saudi Arabia’s parallel market, also experienced a significant dip, losing 239.21 points to close at 26,309.38. The MSCI Tadawul Index followed suit, shedding 31.821 points to 1,578.42.
Top Performers Steal the Spotlight
Despite the market downturn, Red Sea International Co. emerged as the best-performing stock of the day, with its share price soaring by 10 percent to SR33. Other top performers included Etihad Atheeb Telecommunication Co. and Saudi Steel Pipe Co., whose share prices surged by 6.57 percent and 4.59 percent respectively.
ACWA Power Hits All-Time High
ACWA Power’s share price reached an all-time high of SR427 on Tuesday, marking a significant milestone since the company’s listing on the main market. However, the company closed its trading at SR417.
Advanced Petrochemical Co. Falters
Conversely, Advanced Petrochemical Co. was the worst performer of the day, as its share price dipped by 5.30 percent to SR42.90.
Announcements and Dividend Recommendations
United Electronics Co. reported a notable 11 percent increase in net profit for the first quarter of the year, reaching SR93.9 million. On the other hand, Al-Moammar Information Systems announced a cash dividend recommendation of 8 percent of capital, or SR0.8 a share for the first quarter of 2024, along with a three-year dividend policy until 2026 aimed at maintaining a minimum dividend per share of 50 percent of net profits annually.