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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index dropped for the second consecutive session as it shed 80.94 points, or 0.70 percent, to close at 11,412.88 on Tuesday.
The total trading turnover of the benchmark index was SR5.11 billion ($1.36 billion) as 49 of the stocks advanced, while 168 declined.
While the Kingdom’s parallel market Nomu shed 93.60 points to 23,394.77, MSCI Tadawul Index also fell 0.68 percent to close at 1,477.75.
The best-performing stock on Tuesday was Bupa Arabia for Cooperative Insurance Co., as its share price advanced 6.06 percent to SR199.40.
Other top gainers were Riyadh Cables Group Co. and Nahdi Medical Co., whose share prices soared by 5.02 percent and 3.70 percent, respectively.
The worst performer of the day was Musharaka REIT Fund, whose share price dipped by 7.76 percent to SR6.89.
On the announcements front, Nomu-listed Arabian Food and Dairy Factories Co., also known as FADECO, reported a net profit of SR2.08 million in the first half of this year, compared to a loss of SR199 million for the same period in the previous year.
In a statement to Tadawul, FADECO revealed that lower raw material costs and higher product prices drove the company’s positive performance in the first half of 2023.
Gas Arabian Services Co. was another company that announced its financial results.
The firm, listed on Nomu, reported a net profit of SR35.48 million in the first half of 2023, up 98.79 percent compared to SR17.84 million in the same period of the previous year.
Gas Arabian Services Co. attributed the rise in net profit to a surge in total sales and increased profit share from joint ventures and associates during the current period.
Meanwhile, Tadawul suspended the trading of a number of companies, including Saudi Arabia Refineries Co., Red Sea International Co., Tabuk Agricultural Development Co., Alkhaleej Training and Education Co., and Saudi Fisheries Co., as they did not comply with the announcement of financial results for the first half of this year.
The trading of these companies will begin on Aug. 16. However, the companies must disclose their financials before the end of Sept. 12 or face suspension from Sept. 13 until they announce their earnings.
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