Saudi Stock Market Slips for Third Consecutive Day
In Riyadh, the Tadawul All Share Index saw a decline for the third day in a row on Tuesday, dropping 71.40 points to close at 12,585.54.
The total trading turnover of the benchmark index reached SR9.94 billion ($2.65 billion), with 37 stocks advancing and 191 declining.
Meanwhile, the parallel market, Nomu, also experienced a decrease, shedding 578.98 points to close at 26,658.46.
The MSCI Tadawul Index remained relatively stable, losing a slight 2.48 points to finish the trading session at 1,589.91.
Saudi Cable Co. emerged as the best-performing stock on the main index, with its share price soaring by 9.93 percent to SR91.90.
Other top performers included Mouwasat Medical Services Co. and Al-Baha Investment and Development Co., with their share prices rising by 8.24 percent and 7.14 percent, respectively.
On the flip side, Alkhaleej Training and Education Co. was the worst performer of the day, as its share price dipped by 9.94 percent to SR35.35.
In terms of announcements, Arabian Centers Co., also known as Cenomi Centers, reported a 48.77 percent increase in net profit in 2023, reaching SR1.5 billion compared to the previous year.
The company attributed the profit growth to higher net rental revenue and media sales and approved a cash dividend of SR0.75 per share for the second half of 2023.
Seera Group Holding also shared its financial results, revealing a net profit of SR265 million in 2023, a significant improvement from a net loss of SR46 million in the previous year.
The company credited the rise in profit to a 60 percent increase in revenues from the Almosafer travel platform and a 41 percent growth in income from Lumi, the car rental company.
Additionally, Horizon Food Co. reported a net profit of SR9.24 million in 2023, marking a 4.07 percent increase from the previous year.
Canadian Medical Center Co. also unveiled its financial results, showing a marginal 0.37 percent rise in net profit to SR15.7 million in 2023 compared to the previous year.
The healthcare provider’s board of directors declared a 9 percent cash dividend for the second half of 2023, at SR0.09 per share, as per a Tadawul statement.