Saudi Stock Market Update: Tadawul All Share Index Slips
In Riyadh, Saudi Arabia, the Tadawul All Share Index took a hit on Tuesday, losing 69.22 points, equivalent to 0.57 percent, to close at 12,105.54. The trading turnover for the benchmark index was a whopping SR6.8 billion ($1.8 billion), with 55 stocks advancing and 173 stocks retreating.
MSCI Tadawul Index and Nomu Market Performance
The MSCI Tadawul Index also saw a drop of 10.49 points, or 0.69 percent, closing at 1,512.94. On the other hand, the Kingdom’s parallel market Nomu gained 123.53 points, a 0.47 percent increase, to close at 26,164. Out of the listed stocks, 33 advanced while 32 retreated.
Top Performers and Underperformers
Sumou Real Estate Co. emerged as the best-performing stock on TASI, with a remarkable 9.98 percent surge in its share price to SR47.95. Other notable performers included Kingdom Holding Co., Perfect Presentation for Commercial Services Co., Nayifat Finance Co., and Gulf Union Alahlia Cooperative Insurance Co. On the downside, Miahona Co. was the worst performer, witnessing a 6.82 percent drop in its share price to SR39.60. Nama Chemicals Co., Jadwa REIT Saudi Fund, Rasan Information Technology Co., and National Medical Care Co. also saw declines in their share prices.
Financial Reports from First Mills Co. and Saudi Telecom Companies
First Mills Co. reported a net profit of SR45.5 million in the second quarter of the year, marking a 30.3 percent increase from the same period in 2023. The company also announced cash dividends of SR1.55 per share for the first half of 2024.
Meanwhile, Saudi telecom giants Etihad Etisalat Co. (Mobily) and Saudi Telecom Co. both saw increases in profits. Mobily reported a 33 percent rise in profits, reaching SR661 million in the second quarter of 2024, while Saudi Telecom Co. reported a 9 percent increase, reaching SR3.3 billion in the same period.
Both companies attributed their profit increases to various factors, including operating profits, reduced financing expenses, lower zakat and income tax expenses, and revenue growth.