Saudi Stock Market Fluctuates
In a rollercoaster trading session, Saudi Arabia’s Tadawul All Share Index dropped 63.74 points, marking a 0.53 percent decrease to close at 12,045.78 on Thursday.
With a total trading turnover of SR5.98 billion ($1.59 billion), 52 listed stocks saw gains while 171 others experienced declines.
The parallel market in the Kingdom also took a hit, shedding 41.89 points to close at 26,609.30, while the MSCI Tadawul Index slipped by 0.48 percent to 1,512.59.
Standout performer of the day on the main market was Fawaz Abdulaziz Alhokair Co., with its share price soaring by 5.91 percent to SR8.25.
Following closely behind were Rabigh Refining and Petrochemical Co. and National Medical Care Co., witnessing their share prices surge by 4.96 percent and 3.58 percent, respectively.
On the flip side, Gulf Union Alahlia Cooperative Insurance Co. took the title of worst performer as its share price plummeted by 9.99 percent to SR17.30.
In terms of announcements, Perfect Presentation for Commercial Services Co. reported a 44.31 percent increase in net profit for the first half of the year, totaling SR88.45 million compared to the same period in 2023.
National Medical Care Co. also shared its financial results for the first six months of the year, revealing a 44.89 percent year-on-year surge in net profit to SR150.8 million.
Power and Water Utility Co. for Jubail and Yanbu, however, saw a 59 percent decline in net profit to SR108.13 million in the first half of the year, attributed to a significant increase in fuel costs.
Lastly, Salama Cooperative Insurance Co. reported a 29.10 percent year-on-year decrease in profit to SR21.48 million, driven by a drop in revenue.