Saudi Stock Market Update: Tadawul All Share Index Slips
In a volatile trading session, Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 145.35 points, or 1.21 percent, to close at 11,850.64. The total trading turnover of the benchmark index was SR4.37 billion ($1.16 billion) as 55 of the stocks advanced, while 166 retreated.
Nomu Market Also Sees a Decline
Similarly, the Kingdom’s parallel market Nomu slipped 41.38 points, or 0.16 percent, to close at 26,638.19. This comes as 26 of the listed stocks advanced while 33 retreated.
MSCI Tadawul Index Dips
Meanwhile, the MSCI Tadawul Index slipped 20.47 points, or 1.37 percent, to close at 1,473.08. The best-performing stock of the day was Bupa Arabia for Cooperative Insurance Co., with the firm’s share price surging 4.79 percent to SR240.80. Other top performers include Saudi Fisheries Co. and National Medical Care Co.
Company Announcements and Financial Results
On the announcements front, East Pipes Integrated Co. reported its annual financial results for the period ending on March 31. According to a Tadawul statement, the company’s net profit hit SR267 million in the year ending in March 2024, reflecting a 167 percent surge when compared to the corresponding period a year earlier. The increase is mainly due to a sustained rise in average sales prices as well as a decrease in the cost of production per tonne.
New Subsidiary and Production Contracts
Moreover, Saudi Ground Services Co. has announced the approval of establishing a new subsidiary named “Ground Service Co. for Travel and Tourism Services.” The new subsidiary will have a share capital of SR500,000 and aims for growth, business development, and diversification of revenues. Additionally, MBC FZ-LLC, a subsidiary wholly owned by MBC Group, has signed a production contract worth SR65 million with MedYapim Middle East Audiovisual Media Production Co. for the production of a television series. The contract is expected to have a positive impact on the firm’s financial statements in 2025.