Saudi Arabia's Tadawul Index Drops 1.64%, Nomu Parallel Market Declines: Red Sea International Co. Surges 10%
On Tuesday, Saudi Arabia's Tadawul All Share Index dropped 1.64 percent, or 207.91 points, to close at 12,500.43.
The total trading turnover was SR10.22 billion ($2.72 billion), with 42 stocks increasing and 186 declining.
The parallel market, Nomu, also lost 239.21 points to close at 26,309.38.
The MSCI Tadawul Index decreased by 31.821 points to 1,578.42.
The best-performing stock was Red Sea International Co., whose share price rose by 10 percent to SR33.
Other notable gainers were Etihad Atheeb Telecommunication Co. and Saudi Steel Pipe Co., with their share prices increasing by 6.57 percent and 4.59 percent respectively.
ACWA Power's share price reached an all-time high of SR427 on Tuesday but closed at SR417.
Advanced Petrochemical Co. had the worst performance with a 5.30% dip in share price to SR42.90.
United Electronics Co., also known as eXtra, reported an 11% increase in net profit to SR93.9 million for the first quarter of 2023, driven by a 10% rise in total revenues.
Al-Moammar Information Systems recommended paying a 8% cash dividend or SR0.8 per share for the first quarter of 2024.
The company's board has proposed a three-year dividend policy from 2023 to 2026.
The policy aims to pay out 50 percent of net profits as dividends annually and will be subject to approval at the upcoming general assembly meeting.