Closing Bell: Saudi main index rebounds to close at 12,602
Saudi Arabia's Tadawul All Share Index ended positively at 12,601.55 with a gain of 69.79 points, buoyed by 169 advancing stocks against 52 declining ones, and a trade value of SR 7.31 billion.
The Nomu market also rose by 661.67 points, settling at 26,254.28, while the MSCI Tadawul Index increased by 0.68% to 1,627.71.
Avalon Pharma led the gains, with its stock price jumping 30% to SR106.60 on its main market launch day. Saudi Steel Pipe and Batic Investments also performed strongly, with their shares up nearly 10%. Conversely, Saudi Arabian Amiantit Co. experienced the biggest loss, with shares down 5.24% to SR29.85.
Cenomi Centers announced plans to issue dollar sukuk, pending board approval and market conditions. National Medical Care Co. reported a substantial 42% net profit increase in 2023, reaching SR240.9 million due to higher revenues and lower costs, with the fourth-quarter profit up 15% year-over-year.
SABIC disclosed a net loss of SR2.58 billion for 2023 against the previous year's SR16.5 billion profit, attributing this downturn to reduced average selling prices and sales volumes.
Avalon Pharma led the gains, with its stock price jumping 30% to SR106.60 on its main market launch day. Saudi Steel Pipe and Batic Investments also performed strongly, with their shares up nearly 10%. Conversely, Saudi Arabian Amiantit Co. experienced the biggest loss, with shares down 5.24% to SR29.85.
Cenomi Centers announced plans to issue dollar sukuk, pending board approval and market conditions. National Medical Care Co. reported a substantial 42% net profit increase in 2023, reaching SR240.9 million due to higher revenues and lower costs, with the fourth-quarter profit up 15% year-over-year.
SABIC disclosed a net loss of SR2.58 billion for 2023 against the previous year's SR16.5 billion profit, attributing this downturn to reduced average selling prices and sales volumes.