RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Thursday, dropping 58.41 points, or 0.49 percent, to close at 11,847.72.
The total trading turnover of the benchmark index was SR6.47 billion ($1.72 billion) as 88 of the 228 listed stocks advanced, while 123 retreated.
The parallel market Nomu slipped 70.09 points, or 0.28 percent, to close at 24,519.50, while the MSCI Tadawul 30 Index inched down 7.60 points, or 0.48 percent, to reach 1,565.36.
The best-performing stock of the day was Al-Babtain Power and Telecommunication Co. The company’s share price surged 4.98 percent to SR31.60.
Other top performers included the Mediterranean and Gulf Insurance and Reinsurance Co. and Walaa Cooperative Insurance Co., whose share prices surged 4.72 percent and 3.27 percent, respectively.
The worst performer was Saudi Automotive Services Co., also known as SASCO, whose share price dropped 7.09 percent to SR59.
This fall came as the company announced its financial results. Its net profit reached SR27.85 million in the first half of 2023, reflecting a 28.25 percent drop compared to the corresponding period a year ago.
In Nomu, Fesh Fash Snack Food Production Co. was the top gainer, with its share price rising 9.37 percent to SR20.78.
Other best performers in Nomu included Mayar Holding Co. and Academy of Learning Co., whose share prices surged 8.52 percent and 8.11 percent, respectively.
Natural Gas Distribution Co. was the major loser on Nomu, as the company’s share price declined 5.08 percent to SR57.90.
The share price of Amwaj International Co. also fell 4.67 percent to SR102, as it was the second worst performer in Nomu.
On the announcements front, the National Co. for Glass Industries also announced its financial results for the first half of the year, as the company’s net profit dropped by 87.71 percent to SR8.9 million.
According to a statement to Tadawul, the drop in net profit was mainly due to a decrease in the float glass sector owing to maintenance at Saudi Guardian International Float Glass Co. and profit decline at Guardian Zoujaj International Float Glass Co.
On the other hand, another firm that announced its financial results was the Saudi Investment Bank, reflecting a 33.79 percent surge in its net profit to hit SR991.5 million during the first half of 2023, compared to the same period a year earlier.
Meanwhile, Edarat Communication and Information Technology Co. also witnessed a 31.82 percent increase in its net profit since the beginning of the year until June, to hit SR8.26 million.
