Of the benchmark index's stocks, 41 advanced and 184 declined.

The parallel market Nomu rose 0.74 percent, or 199.85 points, to close at 27,086.44, with 20 advancing and 45 declining stocks.

The MSCI Tadawul Index dropped 1.28 percent, or 19.92 points, to close at 1,537.54.

The best-performing stock was Al-Babtain Power and Telecommunication Co., which surged 7.77 percent to SR45.75.

Retal Urban Development Co. and Tanmiah Food Co. were also top performers.

The text reports on the Saudi Stock Exchange Tadawul, where Gulf Union Alahlia Cooperative Insurance Co. had the biggest drop in share price, down 10% to SR22.68.

Allied Cooperative Insurance Group and Al-Etihad Cooperative Insurance Co. also had poor performances.

Jamjoom Pharmaceuticals Factory Co. announced its Q1 2024 financial results, showing a net profit of SR102.9 million, a 22% increase from the previous year.

This growth was due to higher sales, partially offset by the devaluation of the Egyptian pound.

The National Gas and Industrialization Co. also released its Q1 2024 financial results.

A company's net profit increased by 7.6% to SR78.6 million by March 31, 2024, compared to the same period in 2023.

This growth was driven by a SR9 million surge in gross profit due to higher revenues, a SR2 million rise in investment and finance income, and an additional SR1 million in other income.

There was also a SR2 million decrease in zakat expenses.

Separately, Modern Mills for Food Products Co. reported a 1.3% increase in net profits to SR64.9 billion in the first quarter of 2024 compared to the same period in 2023.

The text discusses the revenue growth and improved efficiency leading to a rise in profits for Saudi Industrial Investment Group (SIIG).

In the first quarter of 2024, SIIG reported a net profit of SR28 million, a significant increase from a net loss of SR242 million in the same quarter the previous year.

The profit growth is due to higher profits from joint ventures and a decrease in zakat expenses.