https://arab.news/vyyfc
- Total trading turnover of the benchmark index was $1.69 billion
- Best-performing stock of the day was Retal Urban Development Co.
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 75 points, or 0.62 percent, to close at 12,026.21.
The total trading turnover of the benchmark index was SR6.35 billion ($1.69 billion) as 54 stocks advanced, while 170 retreated.
Similarly, the MSCI Tadawul Index decreased by 10.76 points, or 0.71 percent, to close at 1,502.13.
However, the Kingdom’s parallel market Nomu increased by 82.88 points or 0.31 percent, to close at 26,420.01. This comes as 28 stocks advanced while as many as 27 retreated.
The best-performing stock of the day was Retal Urban Development Co. The company’s share price surged by 7.10 percent to SR12.98.
Other top performers included Saudi Real Estate Co. and Electrical Industries Co., whose share prices soared by 4.94 percent and 4.53 percent, to stand at SR23.38 and SR6.92 respectively.
Tanmiah Food Co. and Al-Rajhi Co. for Cooperative Insurance also performed well.
The worst performer was Miahona Co., whose share price dropped by 9.60 percent to SR36.25.
Al Sagr Cooperative Insurance Co. as well as Saudi Manpower Solutions Co., did not perform well as their share prices dropped by 5.92 percent and 5.47 percent to stand at SR20.34 and SR10.02, respectively.
Profits of Zain Saudi Arabia fell to SR105 million, an 8 percent decrease during the second quarter of 2024, compared to profits of SR114 million during the same period last year, according to Al Ekhbariya.
The company attributed the decline to an increase in operating expenses by SR38 million, a rise in expected credit loss expenses by SR33 million, and an increase in financing costs by SR20 million.
The National Company for Glass Industries announced its interim financial results for the first six months of 2024, with revenues dipping by 13.1 percent to reach SR34.2 million. The company’s net profit, however, surged by 6.5 percent, reaching SR26.7 million.
It attributed the decrease to a lower production quantity, which resulted from line maintenance activities and installation of new machines to improve manufacturing quality.
Balady Poultry Co. also announced its preliminary financial results for the same period, with revenues amounting to SR449.6 million, marking a 30.4 percent surge compared to the previous year due to an increase in average daily production.
The company recorded an increase of SR71.9 million in net profit during the current half compared to SR40.3 million during the same half of the previous year, with an increase of 78.6 percent due to a rise in the average daily production.