RIYADH: Saudi Arabia's Tadawul All Share Index ended the week's first trading session on Sunday losing 291.41 points, or 2.42 percent, to close at 11,754.37.
Total trading volume for the benchmark index was SR6.45 billion ($1.72 billion) as 10 stocks advanced, while 223 retreated.
The kingdom's parallel market, Nomu, fell 480.44 points, or 1.81 percent, to close at 26,128.86. This comes as 17 stocks advanced while 53 retreated.
The MSCI Tadawul Index also fell 37.35 points, or 2.47 percent, to close at 1,475.24.
Today's best performing stock was The Co. for Cooperative Insurance, also known as Tawuniya, whose share price rose 7.99 percent to SR 154.00.
Other top performers were Almasane Alkobra Mining Co. and Taleem REIT Fund.
The worst performer was Kingdom Holding Co., whose share price fell 10 percent to SR8.28.
Other underperformers were Al Taiseer Group Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
On the announcement front, Herfy Food Services Co. revealed its interim financial results for the period ending 30 June.
According to a Tadawul statement, the company reported a net loss of SR23.24 million for the first six months of 2024, compared with SR8.27 million in the same period last year.
The increase in net losses is attributable to higher selling and marketing expenses, driven by increased costs for delivery requests, as well as increased general and administrative expenses.
Al-Baha Investment and Development Co. has reported its interim results for the first half of this year. The company's net profit for the period ended June 30 reached SR 2.91 million, which is an increase of 296 percent compared to the same period in 2023.
The increase in the net result is mainly attributed to a high occupancy rate in the group's complex.
Edarat Communication and Information Technology Co., part of the Edarat Group, has also released its interim results for the period ending June 30.
According to a Tadawul statement, the company's net profit increased 40 percent year-on-year to SR11.58 million in the first half of 2024.
The increase is mainly due to higher gross and operating profit as well as lower general and administrative costs.
Saudi Reinsurance Co. has also released its interim results for the first six months of 2024.
A stock exchange filing revealed that the company's net profit for the first half of 2024 reached SR 27.59 million, which is an increase of 12.6 percent from the same period last year.
This increase in net income is attributable to a 20 percent increase in net underwriting income, 68 percent growth in operations and higher net investment income.
Sumou Real Estate Co. has announced its interim results for the six months ending June 30.
According to a statement from Tadawul, the company's net profit rose 7.8 percent year-on-year to SR53.49 million. The increase is attributed to higher income from new property projects and improved returns on investments in associated companies.
Al-Rajhi Bank reported its interim financial results for the first half of this year with a stock exchange filing showing the bank's net profit reached SR9.1 billion, up 9.74 percent from the same period last year.
This growth is largely due to a 5.6 percent increase in total operating income, driven by increased net financing and investment income, higher fees from banking services and foreign exchange income.
