Saudi Stock Market Surges on Sunday
The Tadawul All Share Index in Saudi Arabia experienced a positive uptick on Sunday, climbing 29.95 points or 0.26 percent to close at 11,688.61. The trading turnover for the benchmark index totaled SR3.93 billion ($1.04 billion) with 139 stocks advancing and 87 retreating.
Over in the Kingdom’s parallel market, Nomu also saw gains, rising by 244.80 points or 0.94 percent to close at 26,154.75. Out of the listed stocks, 33 advanced while 32 retreated.
The MSCI Tadawul Index followed suit, gaining 1.31 points or 0.09 percent to close at 1,455.96.
Leading the charge was Saudi Research and Media Group, with its share price skyrocketing by 9.94 percent to SR236.60. Other notable performers included Al-Baha Investment and Development Co. and the Mediterranean and Gulf Insurance and Reinsurance Co.
On the flip side, Saudi Reinsurance Co. took a hit, with its share price dropping by 6.69 percent to SR25.80. Anaam International Holding Group and Al-Yamamah Steel Industries Co. also underperformed.
In terms of financial results, Almarai Co. reported a 10 percent increase in net profits for the first half of 2024, reaching SR1.3 billion. This growth was attributed to higher revenue, effective cost management, a favorable product mix, and stable commodity costs.
Meanwhile, Saudi Advanced Industries Co. saw a 200 percent increase in net profit for the same period, totaling SR217 million. Despite rises in expenses, the company’s revenue growth drove this significant uptick.
Lastly, Jahez International Co. for International Systems Technology has initiated a transfer request to move from the parallel market to the main market. The board-approved request was submitted via the regulatory online portal, with updates on the transfer process to come.