On Tuesday, Saudi Arabia’s principal stock market indicator, the Tadawul All Share Index, experienced a substantial decline, dropping by 207.91 points, which translates to a 1.64 percent decrease, settling at 12,500.43 by the day’s end.
The benchmark index saw a trading volume that amounted to SR10.22 billion, approximately $2.72 billion, with a market pattern where 42 companies’ stocks saw gains while 186 faced losses.
The parallel market of Saudi Arabia, Nomu, was not spared from the downturn, shedding 239.21 points to close at 26,309.38. Simultaneously, the MSCI Tadawul Index fell by 31.821 points to 1,578.42.
Among the companies traded, Red Sea International Co. emerged as the top performer, with its share value skyrocketing by 10 percent to SR33.
Other companies that performed well include Etihad Atheeb Telecommunication Co. and Saudi Steel Pipe Co., with their shares jumping by 6.57 percent and 4.59 percent, respectively.
ACWA Power also made headlines as its shares reached SR427, marking a new peak since its initial public offering. Despite this, the company’s shares closed slightly lower at SR417.
In contrast, the Advanced Petrochemical Co. found itself at the opposite end of the spectrum, with its stock price falling by 5.30 percent to SR42.90, making it the day’s worst performer.
Corporate announcements also influenced market movements. United Electronics Co., also known as eXtra, disclosed a net profit increase of 11 percent for the first quarter, reaching SR93.9 million, propelled by a 10 percent year-on-year revenue increase.
Al-Moammar Information Systems shared its board’s recommendation for an 8 percent cash dividend payout, equating to SR0.8 per share for the first quarter of 2024. Additionally, the company outlined a three-year dividend policy aimed at distributing a minimum of 50 percent of its annual net profits as dividends until 2026, pending approval at the subsequent general assembly meeting, the date of which is to be announced.