Saudi Arabia’s Stock Market Sees Mixed Performance
On Sunday, Saudi Arabia’s Tadawul All Share Index experienced a slight dip, losing 0.06 points to close at 12,198.38. The total trading turnover for the benchmark index was SR4.42 billion ($1.18 billion), with 60 stocks advancing and 160 retreating.
Nomu Market on the Rise
Meanwhile, the parallel market, Nomu, saw a significant increase of 577.98 points, or 2.18 percent, closing at 27,062.01. This surge was driven by 28 advancing stocks compared to 33 declining ones.
MSCI Tadawul Index Slips
The MSCI Tadawul Index slipped 1.45 points, or 0.09 percent, closing at 1,528.60. The best-performing stock of the day was Lazurde Co. for Jewelry, with a 10.00 percent increase in share price to SR16.06.
Corporate Announcements
Kingdom Holding Co. announced a net profit of SR196 million in the first quarter of 2024, reflecting a 14.6 percent increase from the previous year. Dar Alarkan Real Estate Development Co. also reported a significant surge in net profit, while Middle East Paper Co. recorded a net loss mainly due to increased expenses.
Red Sea International Co. saw a turnaround from a net loss to a net profit, attributed to strategic business transformation. Saudi Manpower Solutions Co. completed its institutional book-building process for its initial public offering on the main market of the Saudi Exchange, with strong investor demand.