RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward trend for the third day in a row, as it advanced 154.22 points to close at 10,690.09 on Tuesday.
The total trading turnover of the benchmark index was SR6.30 billion ($1.68 billion) as 137 of the listed stocks advanced, while 77 declined.
However, the Kingdom’s parallel market Nomu shed 141.08 points to close at 22,349.61.
The MSCI Tadawul Index went up by 1.82 percent to 1,380.04 on Tuesday.
The best-performing stock in the main index was Etihad Atheeb Telecommunication Co., with its share price rising by 10 percent to SR145.20.
Other top performers were Salama Cooperative Insurance Co. and Arabia Insurance Cooperative Co., whose share prices surged by 9.97 percent and 6.42 percent, respectively.
The worst performer of the day was Bupa Arabia for Cooperative Insurance Co., as its share price edged down by 7.15 percent to SR213.
On the announcements front, Saudi Arabian Mining Co., also known as Ma’aden, reported a net profit of SR686.92 million for the first nine months of this year, down 92 percent compared to the same period in 2022.
In a Tadawul statement, Ma’aden attributed the drop in profit to a decline in sales on the back of lower commodity market prices of all business segments except base metal and new mineral segment.
In the third quarter of this year, the mining firm swung into a loss of SR83.43 million, compared to a net profit of SR2.10 billion in the same period of the previous year.
Driven by its negative financial earnings, the share price of Ma’aden dipped by 2.70 percent to SR36.
Saudi Enaya Cooperative Insurance Co. also released its financial results. According to a statement on Tadawul, the company reported a net profit before zakat of SR20.76 million for the first nine months of this year.
This is an improvement compared to the net loss of SR13.57 million incurred during the same period in 2022.
Saudi Enaya Cooperative Insurance Co.’s share price edged up by 0.37 percent to SR10.94.
Meanwhile, First Milling Co. announced that it witnessed an 18 percent drop in its net profit for the first nine months of 2023 to SR162.70 million, compared to SR197.19 million in the same period of the previous year.
The company’s share price slipped by 0.44 percent to SR67.80.
Meanwhile, Saudi Awwal Bank, in a Tadawul statement, announced that it completed the issuance of riyal-denominated additional tier 1 sukuk at a value of SR4 billion.
Earlier in October, the bank had announced its plan to issue AT1 sukuk through a special offering within Saudi Arabia..
