RIYADH: Saudi Arabia’s Tadawul All Share Index dropped for the third consecutive session on Wednesday, losing 145.44 points, or 1.30 percent, to close at 11,073.17.
The fall was driven by fears of global economic uncertainties and dipping oil prices.
The parallel market Nomu also slipped by 192.44 points to close at 20,670.85, and the MSCI Tadawul Index dropped 1.26 percent to 1,492.86.
The total trading turnover of the benchmark index was SR5.97 billion ($1.59 billion).
AlSaif Stores for Development and Investment Co. was the top performer of the day, as the company’s share price edged up 3.19 percent to SR90.70.
Other top performers were Retal Urban Development Co. and Naqi Water Co., whose share prices surged by 2.95 percent and 2.55 percent, respectively.
On the announcements front, National Agricultural Development Co. revealed that its net profit for the first quarter of 2023 increased 149.27 percent to SR37.69 million, compared to SR15.12 million in the same period in 2022.
The gross profit of Nadec, as the firm is also known, increased 45.49 percent to SR278.15 million, according to a Tadawul statement.
Qassim Cement Co. was another firm that disclosed its financial results for the first quarter of the year, reporting a net profit of SR54.93 million, up 119.02 percent from the same period a year ago.
In a statement to Tadawul, the company stated the profit rise was driven by higher sales value and financial investment returns, despite an increase in the cost of sales and a decrease in other income.
Aldrees Petroleum and Transport Services Co. also announced its interim financial results on Wednesday.
The company reported a rise in net profit by 12.98 percent to SR70.5 million in the first quarter of 2023, compared to SR62.4 million in the same period of the previous year.
