RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 41.94 points, or 0.37 percent, to close at 11,286.21.
The total trading turnover of the benchmark index was SR5.65 billion ($1.5 billion) as 145 of the 228 stocks advanced, while 68 retreated.
The Kingdom’s parallel market Nomu also surged 162.71 points, or 0.69 percent, to close at 23,702.46 while MSCI Tadawul Index soared 6.24 points, or 0.43 percent, to close at 1,466.77.
The best-performing stock of the day was Gulf Union Alahlia Cooperative Insurance Co. The company’s share price rose 9.95 percent to SR13.48.
Other top performers included National Agricultural Development Co. and Arabian Pipes Co., whose share prices soared by 7.28 percent and 7.15 percent, respectively.
The worst performer was Savola Group, whose share price dropped 7.45 percent to SR36.65.
On Nomu, Gas Arabian Services Co. was the top gainer as its share price rose 15.35 percent to SR8.19.
Another best performer on Nomu was Abdulaziz and Mansour Ibrahim Albabtin Co. The company’s share price soared 5.47 percent to SR55.90.
National Building and Marketing Co. was the major loser on Nomu, as its share price dropped 6.12 percent to SR261.
The share price of Shatirah House Restaurant Co. also dropped 5.31 percent to SR9.09.
On the announcements front, industrial building construction company Emaar The Economic City turned profitable in the second quarter of 2023 by SR95 million, supported by an increase in sales of real estate assets and a decrease in expenses.
According to a Tadawul statement, this compares to a net loss of SR251 million in the corresponding quarter a year ago.
On another note, Saudi Industrial Development Co. also announced its financial results for the first half of 2023.
According to a bourse filing, an increase in non-operational income led the company’s net loss to drop by 9.23 percent to reach SR10.3 million in the first half of 2023, from the SR11.38 million loss it incurred in the corresponding period a year earlier.
Al Sagr Cooperative Insurance Co. also disclosed its financial results for the first half of 2023. The firm turned profitable in the first six months of 2023 by SR20.1 million, supported by a decrease in insurance service expenses as well as an increase in investment income.
According to a bourse filing, this compares to a net loss of SR60.9 million in the first half of 2022.
Another firm that announced its financial results was Savola Group. Its net profit hit SR524.8 million in the first six months of 2023, reflecting an 8.29 percent surge when compared to SR484.6 million recorded in the corresponding period a year earlier.
