Saudi Stock Market Sees Decline
In Riyadh, Saudi Arabia’s Tadawul All Share Index took a hit on Monday, dropping by 249.91 points or 2.13 percent to close at 11,504.46.
Market Turnover and Performance
The total trading turnover of the benchmark index was SR10.5 billion ($2.8 billion) with 16 stocks advancing and 215 retreating. The MSCI Tadawul Index also decreased by 27.58 points, or 1.87 percent, closing at 1,447.66. The Kingdom’s parallel market Nomu saw a drop of 427.39 points, or 1.64 percent, closing at 25,701.47 with 24 stocks advancing and 50 retreating.
Top Performers and Worst Performers
The Co. for Cooperative Insurance was the best performer of the day, experiencing a 3.9 percent increase in share price. Other top performers included Dallah Healthcare Co. and Elm Co. Al Hassan Ghazi Ibrahim Shaker Co. and Saudi Al-Etihad Cooperative Insurance Co. also stood out. On the flip side, AYYAN Investment Co. was the worst performer, seeing a 10 percent drop in share price. Walaa Cooperative Insurance Co. and Allied Cooperative Insurance Group also experienced significant declines.
Financial Results and Announcements
Alinma Bank reported a 24.4 percent increase in net profit for the first half of the year. Saudi Aramco Base Oil Co. saw an 11.4 percent increase in revenue but a 40.2 percent decrease in net profit. Al-Rajhi Co. reported a 46.54 percent increase in insurance revenues. Ades Holding Co. reported a 54.3 percent year-over-year revenue increase. Arabian Pipes Co. secured a contract to supply pipes to Saudi Aramco worth approximately SR107 million.
Conclusion
The Saudi stock market faced fluctuations, with some companies experiencing growth while others saw declines. Financial results and announcements from key players in the market highlighted both successes and challenges in the current economic climate.