Saudi Stock Market on the Rise
In a bullish move, Saudi Arabia’s Tadawul All Share Index saw a significant increase on Sunday, with a gain of 121.61 points, or 1.06 percent, closing at 11,625.10. The market turnover reached SR5.6 billion ($1.49 billion) as 112 stocks advanced and 110 retreated.
Nomu Market Takes a Hit
On the flip side, the Kingdom’s parallel market Nomu experienced a decline of 492.33 points, or 1.85 percent, closing at 26,118.24. This drop occurred as 25 stocks advanced and 35 retreated.
MSCI Tadawul Index Shows Growth
The MSCI Tadawul Index also saw a positive trend, rising by 19.25 points, or 1.34 percent, to close at 1,455.32.
Stock Performance Highlights
The standout performer of the day was East Pipes Integrated Company for Industry, with a share price jump of 8.96 percent to SR163.00. Other top performers included Al Hassan Ghazi Ibrahim Shaker Co. and Mouwasat Medical Services Co. On the other hand, Astra Industrial Group experienced a decline of 3.92 percent, with its share price dropping to SR147.
Contracts and Announcements Impact Market
East Pipes Integrated Co. for Industry revealed significant contracts with Saudi Arabian Oil Co. (Aramco) worth over SR1.65 billion. The financial impact of these contracts is expected to be seen from the final quarter of the financial year 2024-25 to the final quarter of the financial year 2025-26. Additionally, Group Five Pipe Saudi Co. announced contracts with Saudi Aramco worth SR186 million, with financial impacts expected from the second quarter of the fiscal year 2025.
Gulf Union Al-Ahlia Cooperative Insurance Co. signed an insurance contract with Saeed Raddad Group, projecting positive financial results for 2024 and 2025. Ataa Educational Co. also released its interim financial results, showing a net profit increase of 7.4 percent compared to the previous year.