https://arab.news/cbq2p
RIYADH: Saudi Arabia’s Tadawul All Share Index fell for the third consecutive day on Thursday to end trading at 11,184.57, down 51.70 points or 0.46 percent.
While the parallel market Nomu gained 112.84 points to close at 21,079.81, the MSCI Tadawul Index slipped 0.86 percent to 1,492.17.
The total trading turnover of the benchmark index was SR5.04 billion ($1.34 billion).
Saudi Ground Services Co. was the day’s top performer, as its share price surged 8.45 percent to SR31.45.
Qassim Cement Co. and Jabal Omar Development Co. were other top performers, whose share prices increased 5.39 percent and 4.08 percent, respectively.
The worst performer of the day was Saudi Reinsurance Co., whose share price dropped 4.82 percent to SR18.94.
Bupa Arabia for Cooperative Insurance Co.’s share price declined 4.22 percent to SR177.
In the banking sector, Al Rajhi Bank’s share prices dipped 0.78 percent to finish at SR72.80.
On the announcements front, East Pipes Integrated Co. reported a net profit of SR9.99 million in the first quarter of 2023, compared to SR3.24 million in the same period a year ago.
“The strength of our financial position, as we continued to deleverage our balance sheet, supports our ability to drive considerable progress in terms of the effective execution of our backlog,” said Mohamed Darweesh, chief financial officer at East Pipes, in a press statement.
He added: “With working capital management being a key area of focus for us at East Pipes, we generated solid cash flow from operations in FY23, which is an important highlight of our strong financial performance.”