RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 24.50 points, or 0.21 percent, to close at 11,882.93.
The total trading turnover of the benchmark index was SR4.49 billion ($1.19 billion), as 72 of the stocks advanced and 151 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 352.19 points, or 1.34 percent, to close at 26,557.84. This comes as 48 of the listed stocks advanced, while 27 retreated.
The MSCI Tadawul Index lost 2.84 points, or 0.19 percent, to close at 1,487.38.
The best-performing stock of the day was Arabian Drilling Co., whose share price surged 6.21 percent to SR112.80.
Other top performers were Red Sea International Co. as well as Sadr Logistics Co.
The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 7.41 percent to SR0.25.
Other poor performers included Saudi Fisheries Co. and Al-Etihad Cooperative Insurance Co.
On the announcements front, Saudi Tadawul Group Holding Co. has reported its interim financial results for the period ending Sept. 30.
According to a Tadawul statement, the firm recorded a net profit of SR505.7 million in the first nine months of the year, reflecting a 69.5 percent increase compared to the same period in 2023. This growth is primarily attributed to a rise in operating revenues, a decrease in expenditures, and improvements in earnings per share, gross profit, and operational earnings.
“Our strategic focus on growth, diversification, and resilience remains the driving force behind our solid performance. Meanwhile, we continue to make significant operational progress in diversifying our offering to investors and elevating our subsidiaries’ activities to ensure we foster a dynamic capital market and position the Saudi Capital Market as a leader in the global financial ecosystem,” said Khalid Al-Hussan, CEO of Saudi Tadawul Group, in a statement.
The body affirmed its commitment to fostering sustainable growth and implementing effective governance practices that are in line with its strategic focus. It emphasized that these efforts are crucial for enhancing the ongoing performance of the Saudi capital market and ensuring its resilience and global competitiveness.
“With continued investor engagement and the successful editions of the Capital Markets Forum, we are demonstrating our ability to capitalize on emerging opportunities while fostering deeper international partnerships,” Al-Hussan added.
He concluded by saying: “As we approach the year-end, we remain focused on delivering long-term value to all our stakeholders and advancing our position on the global financial stage.”
Saudi Tadawul Group Holding Co. ended the session at SR246, down 0.40 percent.
The National Agricultural Development Co. announced its interim financial results for the period ending Sept. 30. According to a Tadawul statement, the firm recorded a net profit of SR326.59 million in the first nine months of the year, reflecting an 83.3 percent increase compared to the same period in 2023.
This surge is primarily attributed to higher revenue, a decrease in selling and marketing expenses, and a drop in financing costs, among other factors.
NADEC ended the session at SR27.90, down 0.91 percent.
Saudi Fisheries Co. has announced that its board of directors has decided to recommend amending the percentage of capital reduction from 76.07 percent to 83.25 percent. A bourse filing revealed that the capital reduction aims to restructure the company’s equity in order to eliminate accumulated losses.
Saudi Fisheries Co. ended the session at SR26.40, down 3.75 percent.
HSBC Saudi Arabia, serving as the sole financial adviser, lead manager, joint bookrunner, and underwriter for the potential initial public offering of United International Holding Co., has announced the company’s intention to proceed with the IPO and the listing of its ordinary shares on the main market of the Saudi Exchange.
The offering will involve the sale of existing shares, representing 30 percent of the company’s total holdings. A bourse filing revealed that the price at which all subscribers in the offering will purchase the offered stocks will be determined following the book-building period.
