Saudi Stock Market Takes a Hit
In a tumultuous start to the trading week, Saudi Arabia’s Tadawul All Share Index closed down 2.42 percent, shedding 291.41 points to settle at 11,754.37. The total turnover for the benchmark index stood at SR6.45 billion ($1.72 billion), with only 10 stocks making gains while 223 took a hit.
Nomu Market and MSCI Tadawul Index Also Slide
The Kingdom’s parallel market, Nomu, saw a decline of 1.81 percent, losing 480.44 points to close at 26,128.86. Meanwhile, the MSCI Tadawul Index slipped by 2.47 percent, dropping 37.35 points to reach 1,475.24.
Winners and Losers of the Day
The Co. for Cooperative Insurance, Tawuniya, stole the spotlight as the best performer, with its share price skyrocketing by 7.99 percent to SR154.00. On the flip side, Kingdom Holding Co. took a beating, witnessing a 10 percent drop in its share price to SR8.28.
Financial Results Announcements
Several companies disclosed their interim financial results. Herfy Food Services Co. reported a net loss of SR23.24 million for the first half of 2024. Al-Baha Investment and Development Co. saw a significant increase in net profits, while Edarat Communication and Information Technology Co. posted a 40 percent rise in net profit. Saudi Reinsurance Co. and Sumou Real Estate Co. also reported positive financial results, whereas Al-Rajhi Bank’s net profit rose by 9.74 percent.