JEDDAH: Most major stock markets in the Middle East rose, including Dubai which continued to climb even as construction firm Arabtec, its most heavily traded stock, was suspended.
Companies in Saudi Arabia were the first to start reporting quarterly earnings and dividends this month.
Saudi Arabia’s main index slipped 0.3 percent on Thursday after a series of negative announcements.
Bank Al Jazira was the main drag on the index, dropping 4.3 percent after its quarterly profit of SR166.7 million ($44.5 million) missed analysts’ average estimate of SR191.0 million.
Saudi Kayan Petrochemical Company also dragged down the benchmark, sliding 2.6 percent after it reported a quarterly loss of SR133.1 million, whereas analysts had forecast a profit.
Retailer Jarir Marketing slipped 0.5 percent after it proposed cutting its cash dividend for the second quarter to SR1.20 per share from SR1.70 a year ago despite a modestly higher profit.
Food producer Savola Group, on the other hand, jumped 4.5 percent following a higher than expected 32.4 percent increase in second-quarter net profit.
Dubai’s market pulled back as much as 1.0 percent in early trade as market players found themselves unable to trade Arabtec shares. But it then recovered quickly and closed up 0.9 percent as attention shifted to other stocks.
The bourse, citing instructions from the UAE’s Securities and Commodities Authority, said it had suspended Arabtec pending clarification of media reports about strategic partners’ stake in the firm.
The suspension appeared to indicate that regulators are now taking a more active approach to volatility in Arabtec shares and disclosure of information about the company, after wild swings in the stock over the past two months destabilized the entire stock market.
“I think the regulator now is very conscious of what’s happening around the name and they want to make sure that the movement of the stock is not based on rumors,” said Ali Adou, portfolio manager at The National Investor in Abu Dhabi. “I think it’s a very good step.”
Saudi stocks slip; Bank Al Jazira drops 4.3 percent
Saudi stocks slip; Bank Al Jazira drops 4.3 percent
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
