Saudi Stock Market Update: Tadawul All Share Index and Nomu Movements
In the bustling world of Saudi Arabia’s stock market, the Tadawul All Share Index took a slight dip on Wednesday, losing 64.67 points or 0.51 percent to close at 12,739.33. The trading turnover amounted to a whopping SR8.17 billion ($2.18 billion) with 86 stocks advancing and 136 retreating.
MSCI Tadawul Index and Nomu Performance
Meanwhile, the MSCI Tadawul Index also saw a decrease of 10.34 points or 0.64 percent, closing at 1,599.33. On the flip side, the Kingdom’s parallel market Nomu experienced a surge, gaining 83.41 points or 0.31 percent to close at 27,228.97, with 19 stocks advancing and 41 retreating.
Stock Highlights and Announcements
The standout performer of the day was Saudi Cable Co., with its share price skyrocketing by 9.97 percent to SR62.90. Other top performers included Middle East Specialized Cables Co. and Sumou Real Estate Co., showing impressive gains in their share prices.
In terms of announcements, Jahez International Co. for Information System Technology disclosed its annual financial results for 2023, reporting a rise in revenues and net profit. Group Five Pipe Saudi Co. and Dar Alarkan Real Estate Development Co. also shared their financial updates, showcasing growth and profitability in their respective sectors.
Market Lows and Recovery
On the flip side, some stocks didn’t fare as well, with Saudi Steel Pipe Co. witnessing a significant drop in its share price. Despite this, the market showed signs of recovery with certain companies bouncing back and displaying resilience in the face of challenges.