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Jeddah - Yasmine El Tohamy - Closing Bell: Saudi main index closes at 11,679 as Middle Eastern stock markets rebound
RIYADH: Most stock markets in the Gulf rebounded on Tuesday as comments from US Federal Reserve officials soothed investor nerves following the previous session’s global sell-off on fears of a possible US recession.
Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 174.70 points or 1.52 percent to close at 11,679.16.
The benchmark index recorded a total trading volume of SR9.07 billion ($2.42 billion), with 194 stocks advancing and 35 declining.
Saudi Arabia’s parallel market Nomu was also steady on Tuesday, with the index shedding just 5.37 points to 25,696.10.
The MSCI Tadawul Index gained 1.31 percent to close at 1,466.56.
The best-performing stock of the day was Emaar The Economic City, as its share price surged by 10 percent to SR7.81.
Other top performers were Al Sagr Cooperative Insurance Co. and Saudi Fisheries Co., whose share prices soared by 9.99 percent and 9.96 percent, respectively.
The worst performer in the main market was Walaa Cooperative Insurance Co. The company’s share price slipped by 9.99 percent to SR21.80.
On the parallel market, the top gainers were Clean Life Co., and Almuneef Co. for Trade, Industry, Agriculture and Contracting, whose share prices edged up by 9.93 percent and 9.63 percent, respectively.
On the announcements front, Jamjoom Pharmaceuticals Factory Co. reported a net profit of SR209.92 million in the first half of this year, representing a rise of 22.99 percent compared to the same period in 2023.
This significant increase in net income was driven by higher revenue and offset by the cost of sales, as well as improved cost efficiencies in other operating expenses, the pharmaceutical firm said in a Tadawul statement.
Jamjoom Pharmaceuticals Factory Co. also announced a 16 percent cash dividend for the first half of this year at SR1.6 per share.
Dar Alarkan Real Estate Development Co. also announced its interim financial results for the first half of this year on Tuesday. According to a Tadawul statement, the company witnessed a net profit surge of SR318.71 million in the first six months of this year, marking a rise of 20.67 percent compared to the same period in 2023.
The real estate firm attributed the rise in profit to an increase in revenue on an annual basis amid better property sales and project management consultation.
Yamama Cement Co. said its net profit slipped by 5.24 percent year-on-year to SR199.65 million in the first half of this year.
Dubai’s main share index jumped 2.4 percent, clawing back some of its losses from Monday when it fell more than 4 percent.
Blue-chip developer Emaar Properties advanced 4.9 percent, while in Abu Dhabi, the index was up 1.4 percent.
Bahrain’s bourse eased by 0.1 percent to 1,930, while the Kuwait exchange inched up by 1.1 percent to close at 7,625.
The Qatar stock exchange was steady on Tuesday, with the index just losing 8.23 points, or 0.08 percent, to close trading at 10,049.
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