The Tadawul All Share Index in Saudi Arabia witnessed an increase on a recent Sunday, climbing by 39.90 points, or 0.27 percent, to conclude the day at 12,762.43. The trading volume for the day on the benchmark index reached SR9.02 billion ($2.4 billion), with 136 stocks experiencing gains and 79 facing declines.
A similar upward trend was observed in the parallel market, Nomu, which escalated by 290.29 points, or 1.08 percent, ending at 27,279.69. The day saw 28 stocks advancing contrasted with 35 that retreated.
Contrastingly, the MSCI Tadawul Index experienced a slight dip, shedding 0.79 points, or 0.05 percent, and closed at 1,605.43.
The standout performer was the Saudi Steel Pipe Co., which saw its share price skyrocket by 10 percent, reaching SR89.10. Other companies that saw significant gains included Saudi Advanced Industries Co. and Wafrah for Industry and Development Co. Conversely, East Pipes Integrated Co. for Industry languished as the day’s worst performer, with its share price falling by 4.61 percent to SR145.
There were also underwhelming performances from Arabian Shield Cooperative Insurance Co. and MBC Group Co.
Corporate announcements were also in the spotlight. Allianz Saudi Fransi Cooperative Insurance Co. disclosed its annual consolidated financial results, revealing a net profit of SR36.9 million for the period ending December 31, which is a substantial leap of 331.29 percent compared to last year’s figures.
Additionally, Saudi Advanced Industries Co. released its annual financial figures for 2023. The disclosure indicated a net profit of SR148.8 million by the end of December 31, marking a 48.49 percent increase from the previous year. The rise in profits was attributed to gains from share sales in associated firms, enhanced profits from financial assets sales, increased unrealized gains from financial assets, higher dividend yields, and an uptick in other income streams.
In other news, the Canadian Medical Center announced it had inked a contract worth SR11.25 million with We Build Co. for the management and operation of clinics within the NEOM’s Trojena project.