RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 44.25 points, or 0.36 percent, to close at 12,189.40.
The total trading turnover of the benchmark index was SR5.53 billion ($1.47 billion), as 155 of the stocks advanced and 69 retreated.
The Kingdom’s parallel market Nomu rose 109.49 points, or 0.42 percent, to close at 26,270.61. This comes as 33 of the listed stocks advanced, while 35 retreated.
The MSCI Tadawul Index gained 5.39 points, or 0.36 percent, to close at 1,521.21.
The best-performing stock of the day was Saudi Arabian Amiantit Co., whose share price surged 9.04 percent to SR31.95.
Other top performers were Saudi Automotive Services Co. as well as Methanol Chemicals Co.
The worst performer was Raydan Food Co., whose share price dropped by 3.30 percent to SR27.80.
Other worst performers were Al-Rajhi REIT Fund and Bupa Arabia for Cooperative Insurance Co.
On the announcements front, Tam Development Co. has announced its interim financial results for the period ending June 30. According to a Tadawul statement, the firm recorded a net profit of SR37 million in the first six months of the year, reflecting a 54.48 percent surge compared to the same period in 2023.
Ladun Investment Co. has announced a net profit of SR32 million in the period ending June 30, reflecting a 55.66 percent drop when compared to the same period last year due to a deterioration in contracting and manufacturing segments, losses from an investment portfolio, and increases in borrowing costs. In the first half of this year, gross profit and operating profit decreased to 21 percent and 8 percent from 22.5 percent and 12 percent, respectively, in 2023.
Methanol Chemicals Co. announced that it had recently signed a technical licensing agreement with a foreign company that owns the technology to produce methyldiethanolamine.
A bourse filing revealed that the project’s production capacity is set at 25,000 metric tons annually, with initial operations anticipated to begin in the fourth quarter of 2027.
MEDA and its specialized compounds are used in many vital and strategic industries, such as the oil and gas sector, extraction of environmentally harmful gases, and carbon capture and storage technologies.
The project aims to enhance the local production of specialized chemicals and reduce dependence on imports, specifically in the oil and gas field.
The Tadawul statement further revealed that the financial impact of the project is currently indeterminable until all financial and technical studies are finalized and depending on the market variables prevailing at the time of starting operation.
