Saudi Stock Market Shows Positive Growth
The Tadawul All Share Index in Saudi Arabia saw a rise on Sunday, with a gain of 6.73 points or 0.06 percent, closing at 12,195.05.
Trading Turnover and Performance
The total trading turnover for the benchmark index was SR6.12 billion ($1.63 billion), with 74 stocks advancing and 154 retreating. The MSCI Tadawul Index also closed in the green, gaining 2.46 points or 0.16 percent, closing at 1,529.46.
The parallel market Nomu also saw an increase of 67.8 points or 0.26 percent, closing at 25,770.14, with 27 stocks advancing and 34 retreating. The top-performing stock of the day was Saudi Manpower Solutions Co., with a surge of 9.88 percent.
Notable Performances
Other top performers included Maharah Human Resources Co. and Al-Baha Investment and Development Co., with share prices soaring by 8.35 percent and 8.33 percent, respectively. On the other hand, Electrical Industries Co. was the worst performer, with a drop of 5.51 percent.
Alinma Hospitality REIT Fund and The Mediterranean and Gulf Insurance and Reinsurance Co. also saw declines in their share prices.
Announcements and Agreements
On the announcement front, Saudi Tadawul Holding Co. reported a profit increase to SR146 million for the second quarter of 2024, attributing this growth to a 50.3 percent increase in operating revenues. Saudi Arabian Amiantit Co. also reported a net profit of SR5.11 million, a significant improvement from the previous year.
Additionally, Kingdom Holding Co., Sumou Holding Co., and Jeddah Economic Co. have signed an agreement to establish a new SR6.8 billion fund to acquire the Alinma Jeddah Economic Fund, with Kingdom Holding Co. holding a 40 percent stake in the new fund.