The Tadawul Index lost 0.33 percent to close at 12,565.89, with a total trading turnover of SR10.53 billion ($2.8 billion).

Of the benchmark index's stocks, 54 advanced and 170 retreated.

The Nomu market dropped 1.43 percent to close at 26,622.88, with 20 advancing stocks and 42 retreating.

The MSCI Tadawul Index rose 0.47 percent to close at 1,599.02.

The best-performing stock of the day was Modern Mills for Food Products Co., whose share price surged 9.46 percent to SR68.30.

Other top performers included Mediterranean and Gulf Insurance and Reinsurance Co. and Al Yamamah Steel Industries Co. Red Sea International Co. reported a significant increase in revenues for the year ending Dec. 31, 2023.

The SR1.37 billion figure represents a 241% jump from the previous year.

The primary reason for this growth was the acquisition of a 51% stake in First Fix, which was recognized in RSI's financial statements towards the end of the year.

Furthermore, the company has been working on improving its supply chain, implementing competitive pricing strategies, and refining procurement techniques.

Riyadh Steel Co. reported a net profit of SR11.14 million for the year ending Dec. 31, 2023, representing an increase of 118.8% compared to the same period in 2022.

The net profit improvement was due to a decrease in the cost of revenue and an increase in other income.

In the same period, the firm's net profits rose from a net loss of SR198 million in 2022 to SR2.17 million, mainly due to the positive impact of the First Fix acquisition and revenue and operating performance improvements.

Al-Baha Investment and Development Co. reported a net profit of SR4.94 million for the year ending Dec. 31, 2023, marking a significant improvement from the net loss of SR8.09 million in 2022.

The turnaround was attributed to a 39% rise in revenues and a 73% decrease in financing costs.