Saudi Tadawul Index Gains 0.05%, Trading Turnover Reaches SR6.55bn; Al-Baha Investment Surges 7.69%
The Saudi Arabian Tadawul All Share Index rose 0.05% to close at 12,352.33 on Thursday, with a total trading turnover of SR6.55 billion ($1.74 billion.
The parallel market, Nomu, also gained 0.36% to close at 26,457.81.
The MSCI Tadawul Index slipped 0.15% to close at 1,547.20.
Al-Baha Investment and Development Co. was the best-performing stock, with a 7.69% increase in share price.
Raydan Food Co. and the Company for Cooperative Insurance also saw significant gains of 7.29% and 6.63% respectively.
Overall, 120 stocks advanced, while 103 retreated, and 29 stocks advanced in the Nomu market, while 27 retreated.
During the last trading session of the week, Electrical Industries Co. and Mediterranean and Gulf Insurance and Reinsurance Co. performed well.
However, Saudi Chemical Co. had the worst performance with a 5.36% drop in share price to SR7.77.
Power and Water Utility Co. for Jubail and Yanbu, and National Company for Glass Industries underperformed with drops of 5.22% (SR63.50) and 4.82% (SR42.45), respectively.
Bank AlJazira announced interim financial results with a net profit increase of 6% to SR300.4 million, attributing the growth to a decrease in operating expenses.
The text explains that the decrease in a company's total operating expenses is mainly due to lower net impairment charges for financing and other financial assets, reduced general and administrative expenses, salaries, and other operating expenses, and an increase in depreciation and amortization expenses.
However, there was a slight decrease of 0.2 percent in total operating income, primarily due to a reduction in net financing and investment gains.
The rise in net income was partially offset by increased zakat charges.
In summary, the company experienced a decrease in expenses, but a smaller increase in income, leading to a net increase in net income.