Saudi Stock Market Continues Downward Trend
In the bustling financial hub of Riyadh, Saudi Arabia, the Tadawul All Share Index showed no mercy as it continued its downward spiral for the second day in a row, shedding a significant 56.75 points to close at 12,064.65. Investors held their breath as the total trading turnover of the benchmark index reached a staggering SR5.36 billion ($1.43 billion), with 106 listed stocks seeing gains and 115 facing declines. The Kingdom’s parallel market, Nomu, on the other hand, experienced a surge of 159.03 points to close at 26,672.09, while the MSCI Tadawul Index slipped by 0.55 points to 1,510.95.
Stock Winners and Losers
Al-Sagr Cooperative Insurance Co. stole the spotlight as the best-performing stock of the day, witnessing a jaw-dropping surge of 9.96 percent in its share price, climbing to SR21.20. Joining the ranks of top performers were Al-Baha Investment and Development Co. and Allied Cooperative Insurance Group, with their share prices soaring by 8.33 percent and 5.83 percent, respectively. However, not all stocks were as lucky, with Leejam Sports Co. taking a hit in the main market as its share price plummeted by 9.96 percent to SR208.
Financial Results and Profit Reports
In the realm of financial reports, Americana Restaurants, a main market player, announced a concerning 44.76 percent decline in net profit to SR299.85 million in the first half of the year, citing lower sales due to geopolitical unrest. Saudi Ceramic Co. also painted a grim picture with a staggering 90.1 percent year-on-year decline in net profit for the first six months, dropping to SR4.74 million. However, United Electronics Co., or Extra, managed to defy the odds with a notable 37.19 percent increase in net profit for the first half of 2024, reaching SR200.47 million, thanks to steady demand in the Saudi market. Bupa Arabia for Cooperative Insurance Co. also reported a remarkable 36.44 percent surge in net profit to SR764.02 million in the first half of the year.