https://arab.news/g9w8f
RIYADH: Saudi Arabia’s Tadawul All Share Index began this week’s trading in red, as it slipped 158.40 points, or 1.49 percent, on Sunday to close at 10,496.16.
The total trading turnover of the benchmark index was SR3.29 billion ($880 million) as 28 of the listed stocks advanced, while 191 declined.
Saudi Arabia’s parallel market Nomu also shed 480.44 points to close Sunday’s trading at 23,356.61.
Similarly, the MSCI Tadawul Index declined by 1.33 percent to 1,348.05.
Thimar Development Holding Co. was the best-performing stock of the day, with its share price edging up by 9.96 percent to reach SR16.12.
Other top performers were Development Works Food Co. and Alinma Tokio Marine Co. whose share prices soared by 3.91 percent and 3.65 percent, respectively.
Riyadh Cables Group Co. was the worst performer of the day, as its share price dropped by 7.10 percent to SR68.
On the announcements front, Riyad Bank revealed that its net profit for the first nine months of this year went up by 22 percent to SR6.09 billion, compared to the same period in 2022.
In a Tadawul statement, Riyad Bank attributed the rise in profit to an increase in the total operating income, which was driven by a growth in net trading and net foreign exchange revenues.
Riyad Bank also added that the net profit in the third quarter of this year rose by 14.32 percent to SR2.08 billion, compared to the same period in the previous year.
Another company to announce its financial results on Sunday was telecommunications firm Etihad Etisalat Co., also known as Mobily. The company reported a 41 percent rise in its net profit to SR6.09 billion in the first nine months of this year, compared to the same period in 2022.
According to Mobily, the rise in net profit was driven by an increase in the overall customer base of the company.
Meanwhile, Mobile Telecommunication Co. Saudi Arabia, also known as Zain KSA, said that it received a request from the Kingdom’s Public Investment Fund to purchase the firm’s remaining 20 percent stake in Golden Lattice Investment Co. for SR726 million.
In a bourse statement, Zain KSA said that the value of the requested stake is SR605 million, and the deal could help the firm generate a positive impact of SR121 million.