RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 23.99 points, or 0.19 percent, to close at 12,415.49.
The total trading turnover of the benchmark index was SR6.49 billion ($1.73 billion), as 139 stocks advanced, while 89 retreated.
The MSCI Tadawul Index increased by 4.12 points, or 0.27 percent, to close at 1,544.02.
The Kingdom’s parallel market, Nomu, rose, gaining 201.99 points, or 0.65 percent, to close at 31,250.65. This comes as 45 of the listed stocks advanced, while 36 retreated.
The best-performing stock was United Cooperative Assurance Co., with its share price surging by 7.94 percent to SR10.20.
Other top performers included the Saudi Steel Pipe Co., which saw its share price rise by 7.33 percent to SR73.20, and Gulf General Cooperative Insurance Co., which saw a 5.91 percent increase to SR12.18.
Bupa Arabia for Cooperative Insurance Co. saw the largest decline of the day, with its share price dropping 4.12 percent to SR186.
CHUBB Arabia Cooperative Insurance Co. saw its shares drop by 3.59 percent to SR56.40, while The Mediterranean and Gulf Insurance and Reinsurance Co. declined 3.17 percent to SR25.95.
On the announcements front, Jarir Marketing Co. profits slightly increased to SR974 million by the end of 2024, compared to SR973 million in the same period of 2023.
According to a Tadawul statement, operating profit totaled SR1.05 billion in 2024, up from SR1.04 billion in the corresponding period of 2023, reflecting a 0.74 percent growth. The increase in profits was attributed to a 2.2 percent rise in total sales, driven by higher sales in the smartphone, computer, and tablet sectors.
The company’s total profit also rose by 3.8 percent, which is higher than the sales growth due to a relative improvement in profit margins in certain departments, particularly smartphones, as a result of discounts granted by suppliers, the statement added.
Jarir Marketing also reported that shareholders’ equity reached SR1.74 billion by the end of the period, compared to SR1.77 billion at the end of the same period last year.
Shares of Jarir traded 1.38 percent lower in today’s trading session on the main market to close at SR12.82.
Moreover, SNB Capital Co. serving as the lead manager of the Arabian Co. for Agricultural and Industrial Investment, announced that Entaj will proceed with an initial public offering of 9 million ordinary shares, representing 30 percent of its total share capital.
