Arab News, Mon, Mar 18, 2024 | Ramadan 8, 1445
Closing bell: Saudi main index edges up to close at 12,762
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 39.90 points, or
0.27 percent, to close at 12,762.43.
The total trading turnover of the benchmark index
was SR9.02 billion ($2.4 billion) as 136 stocks advanced, while 79 retreated.
The parallel market, Nomu, also rose 290.29
points, or 1.08percent, to close at 27,279.69. This comes as 28 stocks advanced,
while as many as 35 retreated.
Meanwhile, the MSCI Tadawul Index slipped 0.79
points, or 0.05 percent, to close at 1,605.43.
The best-performing stock of the day was Saudi
Steel Pipe Co. The company’s share price surged 10 percent to SR89.10.
Other top performers included Saudi Advanced
Industries Co. as well as Wafrah for Industry and Development Co. The worst
performer was East Pipes Integrated Co. for Industry whose share price dropped
by 4.61 percent to SR145.
Arabian Shield Cooperative Insurance Co. and MBC
Group Co. did not perform well.
On the announcements front, Allianz Saudi Fransi
Cooperative Insurance Co. announced its annual consolidated financial results
for the period ending Dec.31.
According to a Tadawul statement, the entity’s net
profit hit SR36.9 million during the period, up 331.29 percent in comparison to
2022 figures.
Moreover, Saudi Advanced Industries Co. also
announced its annual financial results for 2023.
A bourse filing revealed that the firm’s net
profit reached SR148.8 million in the period ending Dec.31, reflecting a 48.49
percent from the corresponding period a year earlier.
This rise in profits was primarily owed to a rise
in profits from selling shares in associated companies, an increase in profit
from selling financial assets at fair value through profit or loss, and a jump
in unrealized gains from financial assets at fair value through profit or loss.
It was also linked to a surge in dividends earned
coupled with a rise in other income.
Meanwhile, the Canadian Medical Center has
announced the signing of a SR11.25 million contract with We Build Co. to manage
and operate the clinics at NEOM’s Trojena project.