Saudi Arabia’s Tadawul All Share Index Takes a Dip
In a market shake-up, Saudi Arabia’s Tadawul All Share Index lost 75 points, or 0.62 percent, closing at 12,026.21 on Thursday. The total trading turnover hit SR6.35 billion ($1.69 billion) as 54 stocks made gains while 170 took a hit.
Market Movements: Winners and Losers
While the MSCI Tadawul Index saw a decline of 10.76 points, or 0.71 percent, closing at 1,502.13, the Kingdom’s parallel market Nomu defied the odds with an increase of 82.88 points, or 0.31 percent, closing at 26,420.01. The day’s top performer was Retal Urban Development Co., boasting a share price surge of 7.10 percent to SR12.98.
Other notable gainers included Saudi Real Estate Co. and Electrical Industries Co., with their share prices soaring by 4.94 percent and 4.53 percent, respectively. Tanmiah Food Co. and Al-Rajhi Co. for Cooperative Insurance also showed strong performance.
On the flip side, Miahona Co. took a hit with a share price drop of 9.60 percent to SR36.25. Al Sagr Cooperative Insurance Co. and Saudi Manpower Solutions Co. also saw declines in their share prices by 5.92 percent and 5.47 percent, respectively.
Financial Insights: Corporate Performance
Zain Saudi Arabia reported a decrease in profits to SR105 million, down 8 percent in the second quarter of 2024 compared to the same period last year. The National Company for Glass Industries saw revenues dip by 13.1 percent but net profits surged by 6.5 percent in the first six months of 2024.
Balady Poultry Co. had a standout performance, with revenues reaching SR449.6 million, marking a 30.4 percent increase compared to the previous year. The company’s net profit saw an impressive rise of 78.6 percent due to an increase in average daily production.