RIYADH: Stock markets in the Middle East continued to recover after “Black Monday”, when global indices fell on worries about a potential US recession following a weak jobs report from the world's largest economy.
Saudi Arabia's Tadawul All-Share Index rose 50.55 points, or 0.43 percent, to close at 11,729.71 on Wednesday.
Total trading turnover of the benchmark index was SR 6.98 billion ($1.86 billion), with 169 stocks advancing and 62 stocks retreating.
The kingdom's parallel market, Nomu, rose 207.67 points, or 0.81 percent, to end at 25,903.77.
The MSCI Tadawul index rose 0.79 points, or 0.05 percent, to close at 1,467.35.
Rabigh Refining and Petrochemical Company was the best performer of the day with an increase of 10% to SR8.14.
Baazim Trading Company and Albaha Investment and Development Company were other prominent players.
The worst performer was Malat Cooperative Insurance Company, whose share price fell by 6.12% to SR 15.66.
Vala Cooperative Insurance Company and Rasan Information Technology Company also faced a decrease.
On the announcements front, Kingdom Holding Co. It reported a 76.43% increase in net profit in the first half of this year to SR 820 million. The increase was attributed to higher equity results, gains from the sale of investment assets and lower financial expenses.
Saudi Electric Company reported a 16.5 percent rise in net profit for the first half of 2024, totaling 5.5 billion rupees, driven by higher revenue and lower financial costs.
Saudi Arabia's Kabul Co. saw an 87.7 percent drop in net profit to SR 7.02 million, while SAL Saudi Logistics Services Co. It reported a 70.71 percent increase in net profit to $363 million due to higher revenues and cost control efforts.
Rabigh Refining and Petrochemical Company reported a net loss of 2.46 billion Rials in the first half of the year, which increased from 2.1 billion Rials in the same period last year, which is due to a decrease in sales volume and profit margin.
Al Khuraif Utilities Technologies Co. reported a significant increase in net profit to $119 million in the first half of 2024, up 75.57% year-on-year, mainly driven by an increase in operating profit.
In the first six months of the year, the National Metal Casting Company experienced a net loss of 19.17 million rubles. This represents a worsening of the SR 12.46 million loss recorded in the same period in 2023. The increase in losses is attributed to lower sales of core, spare parts and cast products, as well as lower average selling prices. Wire drawn products
Riyadh Cement Company achieved a net profit of 134 million dollars in the first half of 2024, which increased by 6.22% compared to the same period last year due to higher sales prices and increased income, despite the increase in zakat costs.
On Wednesday, the Dubai financial market rose 1.45 percent, while the Abu Dhabi bourse gained 1.05 percent.
Qatar Stock Exchange grew by 0.28%, Bahrain Stock Exchange by 0.09% and Kuwait Stock Exchange by 0.84%.
