Saudi Stock Market Soars for Second Day in a Row
In a bullish streak, Saudi Arabia’s Tadawul All Share Index climbed 25 points to close at 12,394.91, marking its second consecutive day of gains.
With a total trading turnover of SR7.47 billion ($1.99 billion), the benchmark index saw 187 listed stocks advancing and 36 declining.
The Kingdom’s parallel market Nomu also saw an uptick of 0.41 percent, reaching 26,336.28.
On the flip side, the MSCI Tadawul Index dipped by 9.12 points, closing at 1,560.69.
Stock Performance Highlights
Makkah Construction and Development Co. stole the show as the best-performing stock of the day, with its share price skyrocketing by 7.88 percent to SR106.80.
Other notable performers on the main market included National Agricultural Development Co. and Saudi Reinsurance Co., with their share prices soaring by 7.34 percent and 7.23 percent respectively.
However, Saudi Electricity Co. took a hit as the worst performer on the benchmark index, with its share price falling by 3.72 percent to SR18.62.
Market Announcements and Corporate Updates
ACWA Power announced that shareholders have greenlit a cash dividend of SR0.45 per share for 2023 and approved an increase in capital by SR14.62 million.
Almunajem Foods Co. inked a share purchase agreement with Balady Poultry Trading Co., acquiring a 23 percent stake for SR181.33 million pending regulatory approvals.
Yamama Cement Co. reported a 2.34 percent increase in net profit for the first quarter of 2024, attributing it to lower costs and higher revenues.
Zoujaj, also known as the National Co. for Glass Industries, saw its net profit surge by 166.27 percent in the first quarter of this year to SR22.9 million.