Saudi Arabia’s Tadawul All Share Index Takes a Dive
On Sunday, Saudi Arabia’s Tadawul All Share Index saw a significant drop of 164.33 points, or 1.31 percent, closing at 12,401.56.
The benchmark index had a total trading turnover of SR5.91 billion ($1.57 billion), with 50 stocks advancing and 172 retreating.
Not to be outdone, the Kingdom’s parallel market, Nomu, also experienced a decline of 592.85 points, or 2.23 percent, closing at 26,030.03. With 23 stocks advancing and 42 retreating.
The MSCI Tadawul Index was not immune to the downward trend, slipping 17.61 points, or 1.10 percent, to close at 1,581.41.
Stock Performances and Announcements
The standout performer of the day was Red Sea International Co., with its share price surging by 9.89 percent to SR30.00. Other top performers included National Industrialization Co. and Alinma Retail REIT Fund.
On the flip side, Zamil Industrial Investment Co. took a hit as its share price dropped by 10 percent to SR26.10.
In the announcements arena, Alqemam for Computer Systems Co. reported its annual consolidated financial results for the period ending Dec. 31. Revenues saw a significant increase, reaching SR18.8 million in 2023.
Arabian Contracting Services Co. also announced its annual financial results, with a net profit of SR318 million, reflecting a 15.85 percent increase compared to the previous year. This growth was attributed to the expansion of the advertising network in the company’s operational sectors.
Tabuk Agricultural Development Co. saw a turnaround in its financials, with a net profit of SR81 million in 2023, compared to a net loss of SR53 million in 2022. The increase in net profits was due to the group’s share of profits from investments and a decrease in expected credit losses.
WSM for Information Technology Co. also reported positive financial results, with a net profit of SR5.6 million in 2023, marking a 33.99 percent increase from the previous year.