Closing bell: Saudi Arabia's main index closes at 11,679 as Middle East bourses recover
RIYADH: Most Gulf stock markets rallied on Tuesday as comments from US Federal Reserve officials calmed investor nerves following the previous session's global sell-off on fears of a possible US recession.
Saudi Arabia's Tadawul All Share Index rose on Tuesday, gaining 174.70 points or 1.52 percent to close at 11,679.16.
The benchmark index recorded a total trading volume of SR9.07 billion ($2.42 billion), with 194 stocks advancing and 35 declining.
Saudi Arabia's parallel market Nomu was also steady on Tuesday, with the index shedding just 5.37 points to 25,696.10.
The MSCI Tadawul Index rose 1.31 percent to close at 1,466.56.
The best performing stock of the day was Emaar The Economic City, as the share price rose by 10 percent to SR 7.81.
Other top performers were Al Sagr Cooperative Insurance Co. and Saudi Fisheries Co., whose share prices rose 9.99 percent and 9.96 percent, respectively.
The worst performer in the main market was Walaa Cooperative Insurance Co. The company's share price fell by 9.99 percent to SR21.80.
In the parallel market, Clean Life Co., and Almuneef Co. for trade, industry, agriculture and contracting, the biggest winners, whose share prices rose by 9.93 percent and 9.63 percent, respectively.
On the announcement front, Jamjoom Pharmaceuticals Factory Co. reported. a net profit of SR 209.92 million in the first half of this year, which corresponds to an increase of 22.99 percent compared to the same period in 2023.
This significant increase in net profit was driven by higher revenue and offset by cost of sales, as well as improved cost efficiency in other operating expenses, the pharmaceutical company said in a Tadawul statement.
Jamjoom Pharmaceuticals Factory Co. also announced a cash dividend of 16 percent for the first half of this year at SR 1.6 per share.
Dar Alarkan Real Estate Development Co. also announced its interim results for the first half of this year on Tuesday. According to a statement from Tadawul, the company experienced a net profit increase of SR318.71 million in the first six months of this year, which is an increase of 20.67 percent compared to the same period in 2023.
The property firm attributed the profit increase to an increase in revenue on a year-on-year basis, among better property sales and project management consulting.
Yamama Cement Co. said its net profit fell 5.24 percent year-on-year to SR199.65 million in the first half of this year.
Dubai's main stock index jumped 2.4 percent, clawing back some of its losses from Monday when it fell more than 4 percent.
Blue-chip developer Emaar Properties rose 4.9 percent, while the Abu Dhabi index rose 1.4 percent.
Bahrain's bourse fell 0.1 percent to 1,930, while the Kuwait bourse rose 1.1 percent to close at 7,625.
Qatar's stock market was flat on Tuesday, with the index shedding just 8.23 points, or 0.08 percent, to close at 10,049.
