Saudi Stock Market Continues Downward Trend
The Tadawul All Share Index in Saudi Arabia has experienced a second consecutive day of decline, with a loss of 17.71 points to close at 12,103.20.
The total trading turnover for the benchmark index on Wednesday was SR6.30 billion ($1.68 billion), with 128 stocks advancing and 96 declining.
On the other hand, the parallel market, Nomu, saw a marginal increase of 0.03 percent to 26,666.16.
However, the MSCI Tadawul Index edged down by 0.47 percent to close at 1,512.30.
Stock Performance Highlights
Saudi Industrial Development Co. emerged as the top-performing stock on the main index, with a share price surge of 9.95 percent to SR9.61.
Other notable performers include Wafrah for Industry and Development Co. and Al-Baha Investment and Development Co., with share price increases of 9.9 percent and 7.69 percent respectively.
Conversely, Basic Chemical Industries Co. experienced the biggest decline, with its share price slipping by 7.57 percent to SR33.60.
Financial Results Announcements
Seera Group Holding announced a net profit of SR61 million in the first quarter of this year, marking a 7.01 percent increase compared to the same period last year. The travel firm attributed this growth to continued expansion in car rental and travel platform segments.
Lumi Rental Co. reported a decrease in net profit by 11.15 percent to SR44.71 million in the first quarter of 2023 compared to the previous year.
Zamil Industrial Investment Co. saw a significant improvement in its financial performance, swinging to a net profit of SR5.42 million in the first quarter of this year from a net loss of 13.81 million in the same period last year. The company credited this turnaround to sales growth and increased operating income in key sectors.
Shatirah House Restaurant Co., also known as Burgerizzr, reported a net profit of SR5.3 million in the first quarter of this year, a significant improvement from the SR1.4 million net loss in the same quarter of 2023. The rise in net profit was attributed to higher same-store sales and increased guest numbers.