RIYADH: Saudi Arabia’s Tadawul All Share Index witnessed a slight drop on Monday, shedding 24.91 points, or 0.22 percent, to close at 11,430.87.
The Kingdom’s parallel market, Nomu, remained steady and closed at 23,583.59 points. However, the MSCI Index lost 6.89 points to close at 1,475.29.
The total trading turnover of the benchmark index was SR5.3 billion ($1.4 billion) with 65 stocks advancing and 151 declining.
The Company for Cooperative Insurance was the best performer on TASI with its share price rising by 9.91 percent to reach SR126.40. Etihad Atheeb Telecommunication Co. also fared well with a 9.90 percent growth in its price to close at SR126.60.
In contrast, Al-Baha Investment and Development Co. was the worst performer witnessing a drop by 6.25 percent to close at SR0.15 followed by the National Co. for Learning and Education which saw a drop of 3.90 percent to reach SR108.40.
On the announcements front, Saudi Arabia’s Molan Steel Co. released its financial results for the first half of 2023 recording a 6.24 percent decrease in revenue compared to the same period last year.
The company registered SR43.9 million in revenue during the first half of 2023, a drop from SR46.8 million compared to the year before, according to a bourse filing.
Molan also recorded a significant drop in gross profit to reach SR1.8 million in the first half of 2023 from SR5.4 million in the same period last year, a decrease of 66.2 percent.
The sharp decline was mainly a result of a decrease in global steel prices which caused a drop in average selling rates and a reduction in profit margins.
Moreover, the Kingdom’s online food delivery platform Jahez disclosed a recommendation from its board of directors to proceed with a stock split which will aim to reduce the nominal value of each share from SR10 to SR0.5.
Upon approval and completion of the necessary legal steps, the total number of company shares will surge to 209.84 million, up from the existing 10.49 million, while the company’s capital remains the same.
