Saudi Arabia’s Stock Market Soars
In a remarkable day for the Saudi stock market, the Tadawul All Share Index surged on Thursday, gaining 96.32 points, or 0.76 percent, to close at 12,835.65.
Trading Turnover Hits SR9.02 Billion
The total trading turnover of the benchmark index reached SR9.02 billion ($2.4 billion) as 82 stocks advanced, while 139 retreated.
Nomu Market Also Shows Positive Movement
The Kingdom’s parallel market, Nomu, also saw a positive trend as it rose 133.32 points, or 0.49 percent, to close at 27,362.29. With 39 stocks advancing and 20 retreating.
MSCI Tadawul Index Slips
However, the MSCI Tadawul Index slipped 17.84 points, or 1.12 percent, to close at 1,617.17.
Stock Performances of the Day
The best-performing stock of the day was Saudi Steel Pipe Co., with a share price surge of 9.89 percent to SR78.90. Other top performers included Saudi Cable Co. and CHUBB Arabia Cooperative Insurance Co. On the flip side, Saudi Printing and Packaging Co. saw a drop of 6.56 percent in its share price.
Financial Results Announcements
Aljazira Takaful Taawuni Co. announced its annual consolidated financial results for the period ending Dec. 31, with a net profit increase of 14.88 percent compared to 2022 figures. Arabia Insurance Cooperative Co. also reported a significant surge in net profit for 2023.
Contract Signing Boosts Waja Co.
Waja Co. signed a contract worth SR49.45 million for a project with the Ministry of Finance, expected to have a positive financial impact on the company’s revenues.