Saudi Stock Market Sees Positive Movement
RIYADH: Saudi Arabia’s Tadawul All Share Index saw a rise on Sunday, with a gain of 39.90 points, or 0.27 percent, closing at 12,762.43.
The total trading turnover of the benchmark index reached SR9.02 billion ($2.4 billion) as 136 stocks advanced, while 79 retreated.
The parallel market, Nomu, also experienced growth, rising 290.29 points, or 1.08 percent, to close at 27,279.69. This movement was driven by 28 stocks advancing, while 35 retreated.
On the other hand, the MSCI Tadawul Index slipped 0.79 points, or 0.05 percent, closing at 1,605.43.
Stock Performance Highlights
The standout performer of the day was Saudi Steel Pipe Co., with its share price surging by 10 percent to SR89.10.
Other top performers included Saudi Advanced Industries Co. and Wafrah for Industry and Development Co. The worst performer was East Pipes Integrated Co. for Industry, with its share price dropping by 4.61 percent to SR145.
Arabian Shield Cooperative Insurance Co. and MBC Group Co. did not fare well in the market.
Financial Results Announcements
Allianz Saudi Fransi Cooperative Insurance Co. disclosed its annual consolidated financial results for the period ending Dec.31.
According to Tadawul, the entity’s net profit saw a significant increase, reaching SR36.9 million during the period, marking a 331.29 percent growth compared to 2022 figures.
Furthermore, Saudi Advanced Industries Co. also released its annual financial results for 2023.
A bourse filing revealed that the firm’s net profit reached SR148.8 million in the period ending Dec.31, reflecting a 48.49 percent increase from the corresponding period a year earlier.
This uptick in profits was attributed to various factors, including a rise in profits from selling shares in associated companies, an increase in profit from selling financial assets at fair value through profit or loss, and a surge in unrealized gains from financial assets at fair value through profit or loss. It was also linked to a growth in dividends earned and other income.
Business Dealings
Meanwhile, the Canadian Medical Center announced a contract worth SR11.25 million with We Build Co. to manage and operate the clinics at NEOM’s Trojena project.