Saudi Stock Market Soars
In a thrilling day of trading, Saudi Arabia’s Tadawul All Share Index surged, gaining an impressive 95.24 points, or 0.79 percent, to close at 12,198.44. The total trading turnover hit SR7.15 billion ($1.9 billion) as 81 stocks advanced, while 144 retreated.
Market Highlights
The MSCI Tadawul Index also saw a significant increase of 17.75 points, or 1.17 percent, closing at 1,530.05. However, the parallel market Nomu took a slight dip, falling by 182.13 points, or 0.68 percent, to close at 26,484.03.
Top Performers and Underdogs
Allied Cooperative Insurance Group stole the show with a 6.5 percent surge in share price to SR21.30. ACWA Power Co. and MBC Group Co. weren’t far behind, with their share prices rising by 6.19 percent and 4.69 percent, respectively.
On the flip side, BinDawood Holding Co. experienced a 9.98 percent drop in share price, while Al-Babtain Power and Telecommunication Co. and Al-Baha Investment and Development Co. also saw a decline in their share prices.
Financial Announcements
MBC Group Co. revealed its interim financial results, while BinDawood Holding Co. announced an increase in revenues. Qassim Cement Co. and Arabian Centers Co. also shared updates on their financial performances.
Conclusion
It was a rollercoaster day in the Saudi stock market, with both highs and lows for investors to navigate through. As companies continue to announce their financial results, the market remains dynamic and full of opportunities for traders.