RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward momentum for the second consecutive day, gaining 25 points to close at 12,394.91.
The total trading turnover of the benchmark index was SR7.47 billion ($1.99 billion) with 187 of the listed stocks advancing and 36 declining.
The Kingdom’s parallel market Nomu also edged up by 0.41 percent to 26,336.28.
However, the MSCI Tadawul Index shed 9.12 points to close at 1,560.69.
Makkah Construction and Development Co. was the best-performing stock of the day with its share price surging by 7.88 percent to SR106.80.
Other top performers on the main market were National Agricultural Development Co. and Saudi Reinsurance Co., whose share prices soared by 7.34 percent and 7.23 percent respectively.
The worst performer on the benchmark index was Saudi Electricity Co., as its share price slipped by 3.72 percent to SR18.62.
On the announcements front, ACWA Power said that shareholders approved the board of directors’ recommendation to distribute a cash dividend of SR0.45 per share for 2023.
Shareholders of the utility developer also green signaled the board’s recommendation to increase capital by SR14.62 million from retained earnings.
On Tuesday, Almunajem Foods Co. said that it signed a share purchase agreement with Balady Poultry Trading Co.
Under the deal, Almunajem Foods Co. will buy a 23 percent stake from Balady Poultry Trading Co.’s shareholders totalling SR181.33 million.
The company, in a Tadawul statement, revealed that the deal will be completed only after obtaining the necessary approvals from the relevant authorities, including the Kingdom\s General Authority for Competition.
Meanwhile, Yamama Cement Co. announced its financial results for the first quarter of this year.
In a Tadawul statement, the cement manufacturer said that its net profit increased by 2.34 percent in the first three months of 2024 to SR115.03 million, compared to the same period of the previous year.
The company attributed the rise in profit to lower cost of sales and higher revenues.
The National Co. for Glass Industries, also known as Zoujaj revealed that its net profit in the first quarter of this year surged by 166.27 percent to SR22.9 million, compared to the same quarter of the preceding year.
Source: Arab News
