Saudi Stock Market Update: Tadawul All Share Index Ends Week in Green
In the bustling world of Saudi Arabia’s stock market, the Tadawul All Share Index closed the week on a positive note, gaining 30.71 points or 0.25 percent to end at 12,188.32. The trading turnover for the benchmark index reached a whopping SR8.7 billion ($2.3 billion), with 108 stocks advancing and 113 stocks retreating.
Market Movement: MSCI Tadawul and Nomu Index
The MSCI Tadawul Index also saw a boost, climbing 6.61 points or 0.43 percent to close at 1,527. On the other hand, the Kingdom’s parallel market, Nomu, experienced a slight decline of 185.57 points or 0.72 percent, ending at 25,702.34. Despite this dip, 32 stocks on Nomu made gains while 33 witnessed a fall.
Stock Performance Highlights
Saudi Manpower Solutions Co. stole the show as the best-performing stock of the day, with a remarkable surge of 6.33 percent to reach SR9.41. Other notable performers include Saudi Public Transport Co., Tourism Enterprise Co., Saudi Industrial Development Co., and National Gypsum Co.
On the flip side, Al-Baha Investment and Development Co. took a hit, with its share price dropping by 7.69 percent to SR0.12. Al Sagr Cooperative Insurance Co. and Leejam Sports Co. also experienced declines in their share prices.
Financial Announcements: Advanced Petrochemical Co.
In the realm of financial announcements, Advanced Petrochemical Co. revealed a net loss of SR17 million for the first half of 2024, a stark contrast from the SR103 million net profit reported in the same period last year. The company attributed this downturn to various factors, including a 20 percent decrease in sales revenue due to scheduled maintenance activities.
Additionally, Advanced Petrochemical faced losses in its investment in SK Advanced, contributing to a larger net loss in the current period compared to the previous year. Despite a rise in quarterly revenues, the company’s net profit for the second quarter of 2024 dipped by 30 percent due to a spike in propane prices.