RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 29.41 points, or 0.27 percent, to close at 10,887.55.
The total trading turnover of the benchmark index was SR5.12 billion ($1.36 billion), as 120 of the listed stocks advanced, while 131 retreated.
The MSCI Tadawul Index also increased, up 4.90 points or 0.34 percent to close at 1,459.23.
The Kingdom’s parallel market Nomu lost 32.34 points or 0.15 percent to close at 22,126.93. This comes as 26 of the listed stocks advanced, while 36 retreated.
Top performers
The best-performing stock was Sport Clubs Co. with its share price surging by 10 percent to SR8.25.
Other top performers included Wataniya Insurance Co., which saw its share price rise by 9.98 percent to SR13.23, and Allied Cooperative Insurance Group, which saw a 9.95 percent increase to SR7.29.
Worst performers
On the downside, the worst performer of the day was the Power and Water Utility Co. for Jubail and Yanbu, whose share price fell by 9.98 percent to SR35.88.
Retal Urban Development Co. and Aljazira Takaful Taawuni Co. also saw declines, with their shares dropping by 7.83 percent and 4.88 percent to SR10.13 and SR11.69, respectively.
Chubb Arabia reports mixed financial results
On the announcement front, Chubb Arabia Cooperative Insurance Co. has announced its interim financial results for the six-month period ending June 30, revealing a complex financial landscape characterized by robust top-line growth tempered by increased expenses.
The company’s insurance revenues for the current period saw a 4.3 percent increase, reaching SR199.37 million compared to SR191.06 million in the same period last year, primarily driven by business growth.
Despite this revenue expansion, the company’s net profit after zakat attributable to shareholders declined slightly by 1.7 percent to SR3.91 million, down from SR3.97 million in the prior year.
According to a Tadawul statement, the second quarter of the year proved particularly challenging, with quarterly net profit falling nearly 70 percent.
This significant decline was attributed to a substantial 93 percent surge in insurance service expenses quarter on quarter, alongside a 22 percent increase in other operating expenses.
Chubb’s share price closed today’s session at SR17.70, rising 0.68 percent.
