Saudi Stock Market Takes a Hit
In a tumultuous day of trading, Saudi Arabia’s Tadawul All Share Index saw a significant drop of 102.46 points, or 0.82 percent, closing at 12,381.95.
Trading turnover on the benchmark index reached SR3.64 billion ($972 million), with 29 stocks advancing and 201 retreating.
Nomu Market Follows Suit
The Kingdom’s parallel market, Nomu, also experienced a decline of 414.9 points, or 1.55 percent, closing at 26,277.06. Only 11 stocks advanced while a staggering 50 retreated.
MSCI Tadawul Index Takes a Dip
The MSCI Tadawul Index slipped 9.52 points, or 0.61 percent, to close at 1,553.88.
Stock Performance Highlights
Al-Baha Investment and Development Co. emerged as the top performer of the day with a share price surge of 7.69 percent. Saudi Cable Co. and Fawaz Abdulaziz Alhokair Co. also delivered strong performances.
On the flip side, ACWA Power Co. took the title of worst performer with a share price drop of 5.76 percent to SR425. Saudi Ground Services Co. and Al-Babtain Power and Telecommunication Co. also struggled.
Financial Results Announcements
Saudi Tadawul Group approved the distribution of dividends worth SR276 million to shareholders for the fiscal year ending Dec. 31, 2023. Dr. Sulaiman Al-Habib Medical Services Group reported a 12.6 percent surge in net profit for the first quarter of 2024, while Saudi Arabian Amiantit Co. saw a staggering 23,672 percent increase in net profit for the same period.
Arab National Bank’s net profits rose 15.73 percent in the first quarter of the year, and Saudi Steel Pipe Co. experienced a 1,166 percent jump in net profit due to various factors.
Savola Group Co. announced plans to increase its capital by offering rights issues to the Capital Market Authority.