Saudi Stock Market Sees Decline
In Riyadh, Saudi Arabia’s Tadawul All Share Index took a hit on Tuesday, dropping 138.69 points or 1.13 percent to close at 12,120.91. The total trading turnover for the benchmark index reached SR7.31 billion ($1.94 billion), with 30 stocks advancing and 200 retreating. Similarly, the MSCI Tadawul Index decreased by 16.46 points or 1.07 percent to close at 1,519.37. The Kingdom’s parallel market, Nomu, also slipped by 200.31 points or 0.75 percent to close at 26,659.06, with 17 stocks advancing and 41 retreating.
The top performer of the day was Al-Jouf Agricultural Development Co., with its share price surging by 7.58 percent to SR66.70. Other notable performers included Basic Chemical Industries Co. and Al-Babtain Power and Telecommunication Co., whose share prices soared by 5.36 percent and 3.91 percent, respectively.
On the downside, Saudi Public Transport Co. was the worst performer, with its share price dropping by 9.92 percent to SR18.16. In terms of announcements, Hail Cement Co. reported its interim financial results for the period ending March 31, with revenues increasing to SR73.7 million.
Taiba Investments Co. also announced its financial results for the same period, with revenues amounting to SR332.07 million. The company attributed the growth to its acquisition of Dur Hospitality Co., which contributed to the rise in operational revenues.
However, Rabigh Refining and Petrochemical Co. saw a decline in revenues, while the Saudi Public Transport Co. reported a slight increase in revenues but a surge in net loss. Emaar, The Economic City also experienced a sharp decline in revenues and a significant increase in net loss.