Gulf Stock Markets Rebound Amid US Federal Reserve Comments
In a positive turn of events, most stock markets in the Gulf rebounded on Tuesday after a global sell-off in the previous session. Investor nerves were soothed by comments from US Federal Reserve officials, easing fears of a possible US recession.
Saudi Arabia’s Tadawul All Share Index
Saudi Arabia’s Tadawul All Share Index rose by 1.52 percent on Tuesday, gaining 174.70 points to close at 11,679.16. The total trading volume reached SR9.07 billion ($2.42 billion), with 194 stocks advancing and 35 declining.
Top Performers and Worst Performer
The best-performing stock of the day was Emaar The Economic City, with a 10 percent surge in share price to SR7.81. Other top performers included Al Sagr Cooperative Insurance Co. and Saudi Fisheries Co., with their share prices soaring by 9.99 percent and 9.96 percent, respectively. On the flip side, Walaa Cooperative Insurance Co. was the worst performer, with a 9.99 percent decline in share price to SR21.80.
Announcements and Financial Results
Jamjoom Pharmaceuticals Factory Co. reported a net profit of SR209.92 million in the first half of the year, marking a 22.99 percent increase compared to the same period in 2023. The company also announced a 16 percent cash dividend for the first half of the year. Dar Alarkan Real Estate Development Co. witnessed a net profit surge of SR318.71 million in the first six months of the year, attributing the rise to an increase in revenue. However, Yamama Cement Co. saw a 5.24 percent decrease in net profit year-on-year.
Market Updates from Other Gulf Countries
Dubai’s main share index jumped by 2.4 percent, with Emaar Properties advancing by 4.9 percent. Abu Dhabi’s index was up by 1.4 percent. Bahrain’s bourse eased by 0.1 percent, while the Kuwait exchange inched up by 1.1 percent. The Qatar stock exchange was steady, with the index losing 0.08 percent to close at 10,049.