RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 28.29 points, or 0.25 percent, to close at 11,259.90.
The total trading turnover on the benchmark index was SR5.71 billion ($1.52 billion), as 166 stocks advanced, while 90 retreated.
The MSCI Tadawul Index also increased, rising 6.38 points, or 0.42 percent, to close at 1,519.30.
The Kingdom’s parallel market Nomu gained 201.14 points, or 0.93 percent, to close at 21,823.53. This comes as 36 of the listed stocks advanced, while 35 retreated.
Market movers
The best-performing stock was Saudi Enaya Cooperative Insurance Co., which saw its share price surge by 9.94 percent to SR11.17.
Other top performers included Amana Cooperative Insurance Co., which saw its share price rise 9.92 percent to SR8.09, and Filling and Packing Materials Manufacturing Co., whose shares gained 5.51 percent to SR36.40.
On the downside, the worst performer of the day was BAAN Holding Group Co., whose share price fell by 4.11 percent to SR2.10.
Rabigh Refining and Petrochemical Co. and the Power and Water Utility Co. for Jubail and Yanbu also saw declines, with their shares falling 3.55 percent and 3.48 percent to SR17.40 and SR43.24, respectively.
Corporate announcements
MSGA Investment Co. reported interim financial results for the six-month period ended June 30, showing a decline in profitability despite growth in shareholder equity.
Revenue fell 4.1 percent year on year to SR55.3 million, down from SR57.7 million in the same period last year, while net profit attributable to shareholders dropped sharply by 52.7 percent to SR10.6 million, compared with SR22.4 million a year earlier.
Earnings per share fell to SR0.11 from SR0.22. Total shareholders’ equity, however, rose 19 percent to SR145.7 million from SR122.4 million.
The company attributed the revenue decline to a shift in its business mix: residential unit sales, which accounted for 100 percent of revenue in the prior-year period, fell to just 26 percent of the current period’s total due to fewer properties available for sale at the start of the period.
This was partly offset by the introduction of contracting and development revenue, which grew from zero to 74 percent of total revenue as existing projects progressed.
MSGA’s share price closed the session at SR6.05, rising 0.83 percent.
