Saudi Press

Saudi Arabia and the world
Wednesday, Feb 28, 2024

Closing bell: Saudi stock market rises as it reopens after Eid Al-Fitr 

Closing bell: Saudi stock market rises as it reopens after Eid Al-Fitr 

Saudi Arabia’s Tadawul All Share Index continued its upward trend, increasing 101.54 points — 0.91 percent — to 11,265.11 as the Kingdom’s bourses re-opened after the Eid Al-Fitr holidays.
The parallel market Nomu also went up by 443.53 points, or 2.12 percent, to 21,351.97, while the MSCI Tadawul 30 Index edged up by 0.67 percent to 1,521.47.

The total trading turnover of the benchmark index was SR6.29 billion ($1.68 billion).

The top performer of the day was Tihama Advertising and Public Relations Co., whose shares went up by 7.67 percent to SR25.

Other top companies were Astra Industrial Group and Electrical Industries Co., with their shares rising by 6.89 percent and 6.41 percent respectively.

The worst performer was Al Moammar Information Systems Co., which saw its shares dip by 2.62 percent to SR118.80.

On the announcements front, Alkhaleej Training and Education Co. turned a profit of SR224,000 last year, compared to the SR33.44 million loss it incurred in 2021.

This change was attributed to a rise in revenue, which increased by SR36 million in 2022, compared to 2021.

Meanwhile, Sahara International Petrochemical Co., also known as Sipchem, announced that its net profit fell 56 percent in the first quarter of 2023 to SR470.3 million, down from SR1.07 billion in the same period in 2022.

Ahead of earnings results being published for the first quarter of 2023, Al-Rajhi Capital released a report noting that the overall outlook for Saudi Arabian equities in the period seems mixed, with sectors including petrochemical and energy expected to witness pressures due to rising costs and weak product spreads.

The financial services company noted the performance of the telecom industry is expected to be positive due to the cost optimization which is happening in the sector.

The retail sector is expected to see an improvement, driven by the drop in shipping costs which are expected to positively contribute to the margins, especially for those importing from abroad, it added.

“For the petrochemical and energy sectors, we expect most companies to continue to witness pressure on earnings sequentially, mainly due to pressure on product spreads amid a weak demand outlook,” said Al-Rajhi Capital in the report.

The food industry is also expected to report a growth in earnings on the back of repricing and healthy volumes thanks to Ramadan, but would be partially offset by higher interest rates pressuring the bottom line, Al-Rajhi further noted.

Related Articles

Saudi Press
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh