RIYADH: Middle East stock markets continued to recover after “Black Monday”, when global indexes fell on worries about a potential US recession triggered by a weak jobs report from the world's biggest economy.
Saudi Arabia's Tadawul All Share Index closed at 11,729.71, up 50.55 points, or 0.43 percent, on Wednesday.
Total trading turnover for the benchmark index was SR6.98 billion ($1.86 billion), as 169 stocks advanced, while 62 retreated.
The Kingdom's parallel market Nomu rose 207.67 points, or 0.81 percent, to close at 25,903.77, with 30 of the listed stocks advancing and 31 retreating.
The MSCI Tadawul Index rose 0.79 points, or 0.05 percent, to close at 1,467.35.
Rabigh Refining and Petrochemical Co. was the day's top performer, with the share price climbing 10 percent to SR8.14.
Other notable artists were Baazeem Trading Co. and Al-Baha Investment and Development Co.
The worst performer was Malath Cooperative Insurance Co. whose share price fell by 6.12 percent to SR 15.66.
Walaa Cooperative Insurance Co. and Rasan Information Technology Co. also saw declines.
On the announcement front, Kingdom Holding Co. reported a 76.43 percent increase in net profit for the first half of this year, reaching SR820 million. The increase is explained by higher equity results, profits from the sale of investment properties and reduced financial costs.
Saudi Electricity Co. reported a 16.5 percent increase in net profit for the first half of 2024, totaling SR 5.5 billion, driven by increased revenue and reduced financing costs.
Saudi Cable Co. saw an 87.7 percent drop in net profit to SR7.02 million, while SAL Saudi Logistics Services Co. reported a 70.71 percent increase in net profit to SR 363 million due to higher revenue and cost control efforts.
Rabigh Refining and Petrochemical Co. reported a net loss of SR 2.46 billion for the first half, up from SR 2.1 billion in the same period last year attributed to lower sales volumes and margins.
Alkhorayef Water and Power Technologies Co. reported a significant increase in net profit, reaching SR 119 million in the first half of 2024, marking a 75.57 percent increase compared to the same period last year, mainly driven by an increase in operating profit.
National Metal Manufacturing and Casting Co. experienced a net loss of SR 19.17 million in the first six months of the year. This represents a deterioration from the SR 12.46 million loss recorded in the corresponding period in 2023. The increased loss relates to a decline in sales of axle, spare parts and casting products, as well as a decrease in the average selling price of drawn wire products.
Riyadh Cement Co. achieved a net profit of SR 134 million in the first half of 2024, up 6.22 percent from the same period last year due to higher selling prices and increased revenue, despite rising Zakat costs.
On Wednesday, the Dubai Financial Market rose by 1.45 percent, while the Abu Dhabi Exchange increased by 1.05 percent.
The Qatar Stock Exchange rose 0.28 percent, the Bahrain Stock Exchange rose 0.09 percent and the Kuwait Stock Exchange rose 0.84 percent.
