https://arab.news/pnke6
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 51.32 points to close at 11,956.99.
The total trading turnover of the benchmark index was SR5.44 billion ($1.45 billion), with 56 of the listed stocks advancing and 165 declining.
The Kingdom’s parallel market Nomu also witnessed a drop of 313.85 points to close at 26,405.18.
The MSCI Tadawul Index shed 5.79 points to 1,501.20.
The best-performing stock on the main market was Methanol Chemicals Co., with its share price surging by 7.77 percent to SR18.04.
Other top performers were Al-Baha Investment and Development Co. and Sustained Infrastructure Holding Co., whose share prices increased by 7.41 percent and 6.13 percent to SR0.29 and SR32.05, respectively.
The worst performer of the day was Development Works Food Co., as its share price inched down by 4.90 percent to SR136.
On the announcements front, the Saudi National Bank said that its net profit witnessed a 4 percent year-on-year rise in the first nine months of this year to reach SR15.63 billion.
In a Tadawul statement, the financial institution said that this rise in net profit was driven by an 18.7 percent year-on-year growth in special commission income and a 4.2 percent increase in operating revenue.
The bank added that its net profit in the third quarter reached SR5.36 billion, representing an increase of 7.10 percent compared to the same period of the previous year.
Despite witnessing a rise in profits, the share price of SNB marginally went down by 0.14 percent to SR34.85.
Aldrees Petroleum and Transport Services Co. announced that its net profit in the first nine months of this year witnessed a 17.37 percent year-on-year surge to reach SR244.5 million.
The company attributed this increase in profit to higher sales due to a rise in the number of operating service stations and improved transportation rates.
In the third quarter, Aldrees reported a net profit of SR84.6 million, marking a rise of 25.14 percent compared to the same period in 2023.
Despite this, the share price of of the firm went down by 1.53 percent to SR141.80.
Tamkeen Human Resources Co., which is gearing up for an initial public offering in Saudi Arabia’s main market, has set the final offer price at SR50 per share at the top end of the price range.
According to a statement, the institutional book building process generated an order book of SR55 billion.
Established in 2018 and headquartered in Riyadh, the company offers staffing solutions to businesses and individual clients in the Kingdom.