RIYADH: Saudi Arabia’s Tadawul All Share Index gained 122.03 points, or 1.07 percent, to close at 11,546.15 on Sunday.
The total trading turnover of the benchmark index was SR4.59 billion ($1.22 billion) as 139 stocks advanced, while 74 retreated.
The Kingdom’s parallel market Nomu rose 17.93 points, or 0.08 percent, to close at 23,598.63, while MSCI Tadawul Index soared 16.47 points, or 1.11 percent, to close at 1,500.34.
The best-performing stock of the day was Fawaz Abdulaziz Alhokair Co. The company’s share price rose 10 percent to SR18.7.
Other top performers included Etihad Atheeb Telecommunication Co. and Scientific and Medical Equipment House Co., whose share prices soared by 7.6 percent and 4.9 percent, respectively.
The worst performer was Malath Cooperative Insurance Co., whose share price dropped 9.94 percent to SR22.56.
On Nomu, Alwaha REIT Fund was the top gainer as its share price rose 9.05 percent to SR13.5.
Among the other major gainers on Nomu was Sure Global Tech Co., whose share price soared 5.79 percent to SR74.9.
Gas Arabian Services Co. was among the top losers; its share price dropped 9.4 percent to SR7.06.
The share price of Obeikan Glass Co. also slipped 3.97 percent to SR75.
On the announcements front, Saudi Arabian Mining Co. reported a plunge of 91.3 percent in its net profit for the second quarter of 2023 on lower sales value and higher expenses.
The multi-commodity mining and metals company, Ma’aden, posted SR350.9 million in net profit in the second quarter, down from just over SR4 billion a year prior.
“We are beginning to see an improvement in raw material pricing and, despite the challenging market environment, remain well placed to meet the growing long-term demand for our products,” Ma’aden CEO Robert Wilt said in a statement.
Furthermore, Saudi Reinsurance Co., also known as Saudi Re, posted 134 percent higher net profits before zakat at SR81.93 million in the first half of 2023 versus SR34.9 million in the first half of 2022.
On another note, Saudi-based Al Jouf Cement Co. achieved SR43.6 million in net profits after tax in the first six months of 2023, up from SR1.8 million during the same period last year.
The surge was due to the increase in sales and average selling price and the decline in the cost of sales.
Another firm recording an increase in net profits in the first six months was Arabian Pipes Co., which reached SR46.4 million compared to only SR17.5 million in 2022. The surge was primarily attributed to a 272 percent increase in sales during that period.
Moreover, Saudi Ground Services Co.’s net profits rebounded to SR89.9 million in the first half of 2023 from a net loss of SR85.9 million in the year-ago period.
[ad_2]