Saudi Stock Market Continues to Rise
In a streak of success, Saudi Arabia’s Tadawul All Share Index climbed for the third consecutive day, gaining 31.54 points to close at 12,804.
Trading Turnover and Market Performance
The total trading turnover of the benchmark index reached SR9.87 billion ($2.63 billion) on Tuesday, with 95 stocks advancing and 128 declining. The parallel market Nomu saw a decline of 59.11 points to close at 27,145.56. Meanwhile, the MSCI Tadawul Index remained steady with a marginal gain of 2.71 points, ending the trading at 1,609.67.
Top Performers
Chubb Arabia Cooperative Insurance Co. emerged as the best-performing stock on the main market, with its share price soaring by 8.72 percent to SR34.90. Leejam Sports Co. also made a mark by reporting a net profit of SR356 million in 2023, a significant increase of 39.6 percent from the previous year. This positive news led to a surge in Leejam Sports Co.’s share price by 8.10 percent to SR243.
Financial Results Announcement
National Shipping Co. of Saudi Arabia, also known as Bahri, disclosed its financial results on Tuesday, revealing a net profit of $1.61 billion in 2023, marking a 55 percent increase from the previous year. This growth was attributed to the rise in revenue from the chemicals transportation segment. Bahri’s board of directors recommended a 5.5 percent cash dividend, equivalent to SR0.55 per share for 2023.
Market Developments
In a significant development, the Saudi exchange approved Merrill Lynch KSA’s application to conduct market-making activities on Saudi Arabian Oil Co. starting from March 19. The market-making obligations include an 80 percent minimum presence of orders, a minimum size of SR500,000, and a maximum spread of 0.30 percent.