Saudi Stock Market Soars in First Trading Session of the Week
In a bullish start to the week, Saudi Arabia’s Tadawul All Share Index closed at 12,175.43, marking a significant gain of 149.22 points or 1.24 percent.
The trading turnover hit SR6 billion ($1.6 billion) with 143 stocks advancing and 84 declining, showcasing a positive trend in the market.
Nomu Market Also Sees Growth
In tandem, the Kingdom’s parallel market, Nomu, witnessed an increase of 82.97 points or 0.31 percent, closing at 26,502.98. The market saw 36 stocks advancing and 34 declining.
Top Performers and Laggards
Kingdom Holding Co. emerged as the star performer of the day with a staggering 9.95 percent surge in its share price, reaching SR8.95. Meanwhile, Almunajem Foods Co. faced a setback with a 4.66 percent drop in its share price to SR98.20.
Financial Results Announced
Sabic Agri-Nutrients Co. revealed its interim financial results, reporting a net profit of SR1.54 billion for the first half of 2024, reflecting a 5.26 percent decrease from the same period in 2023. Dr. Sulaiman Al-Habib Medical Services Group also announced a surge in net profit, attributing it to revenue growth and an increase in the number of patients.
Bahri, or the National Shipping Co. of Saudi Arabia, reported a 20 percent year-on-year increase in net profit, reaching SR1.18 billion in the first half of 2024.
Market Developments
The Capital Market Authority approved Arabian Contracting Services Co.’s capital increase from SR500 million to SR550 million. Additionally, ASG Plastic Factory Co. is set to list on the Nomu market, offering 750,000 shares at a price between SR40 and SR44 per share.