Stock Markets in the Middle East Bounce Back After Black Monday
After a turbulent start to the week with global indices plummeting on “Black Monday,” the Middle East stock markets showed signs of recovery. The concerns over a potential US recession sparked by a weak jobs report seemed to ease as investors regained confidence in the region.
Saudi Arabia’s Tadawul All Share Index on the Rise
Saudi Arabia’s Tadawul All Share Index closed at 11,729.71, marking a 0.43 percent increase with a gain of 50.55 points on Wednesday. The total trading turnover for the benchmark index reached SR6.98 billion ($1.86 billion), with 169 stocks advancing and 62 retreating.
Nomu Market and MSCI Tadawul Index also See Gains
The Kingdom’s parallel market, Nomu, rose by 0.81 percent to close at 25,903.77, with 30 listed stocks advancing and 31 retreating. The MSCI Tadawul Index gained 0.05 percent, closing at 1,467.35.
Top Performers and Underperformers of the Day
Rabigh Refining and Petrochemical Co. emerged as the top performer, with its share price surging by 10 percent to SR8.14. On the other hand, Malath Cooperative Insurance Co. was the worst performer, experiencing a 6.12 percent drop in its share price to SR15.66.
Announcements from Key Companies
Kingdom Holding Co. reported a significant 76.43 percent increase in net profits for the first half of the year, reaching SR820 million. Meanwhile, Saudi Electricity Co. saw a 16.5 percent rise in net profits, totaling SR5.5 billion for the first half of 2024.
On the other hand, Rabigh Refining and Petrochemical Co. reported a net loss of SR2.46 billion for the first half of the year, attributed to decreased sales volumes and margins. Alkhorayef Water and Power Technologies Co. marked a substantial increase in net profits, reaching SR119 million in the first half of 2024.
National Metal Manufacturing and Casting Co. Faces Challenges
National Metal Manufacturing and Casting Co. experienced a net loss of SR19.17 million in the first six months of the year, a significant deterioration from the previous year. The company attributed this to a decline in sales of various products and a reduction in average selling prices.
Despite the challenges faced by some companies, the overall market sentiment in the Middle East seemed to be on the upswing after the turmoil of Black Monday.
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