Closing bell: Saudi main index rises 85 points to close at 10,938

Closing bell: Saudi main index rises 85 points to close at 10,938
Closing bell: Saudi main index rises 85 points to close at 10,938

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 85.59 points, or 0.79 percent, to close at 10,938.95.

The total trading turnover of the benchmark index was SR4.86 billion ($1.29 billion) as 165 stocks advanced, while 55 retreated.

The Kingdom’s parallel market, Nomu, also rose 214.75 points, or 0.96 percent, to close at 22,584.38. This jump came as 19 stocks progressed while 27 retreated.

As for the MSCI Tadawul 30 Index, it gained 9.96 points, or 0.71 percent, to close at 1,418.40.

The best-performing stock of the day was National Medical Care Co. The company’s share price surged 12.40 percent to SR136.40.

Other top performers included Al-Baha Investment and Development Co. and United Wire Factories Co., whose share prices soared 7.69 percent and 7.64 percent to SR0.14 and SR36.50, respectively.

The worst performer was Al-Etihad Cooperative Insurance Co. The firm’s share price dropped 8.03 percent to SR18.56.

Other worst performers included Gulf Insurance Group and Thimar Development Holding Co., whose share prices dropped 5.51 percent and 4.98 percent to SR28.30 and SR12.98, respectively.

On the announcements front, the Saudi Stock Exchange announced trading in shares of Osool and Bakheet Investment Co. on Nomu from Nov. 7.

Moreover, Tanmiah Food Co. announced its interim financial results for the period ending Sept. 30.

According to a Tadawul statement, the firm’s net profits reached SR49.6 million in the first nine months of 2023, reflecting a 21.89 percent drop compared to the corresponding period a year earlier.

The decline in net profits is mainly attributed to lower subsidies, increasing pricing pressure in the market, as well as the continued expansion of fresh poultry and Popeyes stores.

Arabian Drilling also announced its interim financial results for the first nine months of the year.

A bourse filing revealed that the company’s net profits edged up 0.24 percent year-on-year to hit SR422 million on Sept.30.

Net profits remained steady as the contribution from higher rig activity with the startup of three new offshore rigs was offset by higher finance costs.

Similarly, Dar Alarkan Real Estate Development Co. announced its financial results for the nine months ending Sept. 30.

According to a Tadawul statement, the entity’s net profits stood at SR416.01 million in the first nine months of 2023, up 5.85 percent from the same period last year.

The jump in net profit is primarily linked to a decrease in operating expenses, an increase in lease revenue, and an increase in share of income from associates.

Another company that disclosed its financial results for the first nine months of the year was Saudi Chemical Co.

A bourse filing showed that the company’s net profits reached SR93.88 million on Sept. 30, reflecting a 65.19 percent climb compared to the first nine months in 2022.

The soar in net profits came as a result of an increase in operating profit due to the rise in sales volume, an increase in sales prices for some products, and a decrease in foreign currency revaluation loss.

Meanwhile, Mulkia Investment Co.’s initial public offering on Nomu has garnered strong investor interest, with a subscription rate of 240 percent, as reported in a statement by Tadawul.

In the statement, AlJazira Capital, which is acting as Mulkia Investment’s financial adviser, said that the offering has been completed and that the trading date of the company’s shares will be announced later by the exchange.

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