Saudi Arabia’s Tadawul All Share Index Slips Slightly
On Thursday, Saudi Arabia’s Tadawul All Share Index slipped slightly, shedding 16.89 points, or 0.15 percent, to close at 11,516.14. The total trading turnover of the benchmark index was SR9.25 billion ($2.47 billion), with 89 stocks advancing and 116 retracting. The MSCI Tadawul Index also dropped 0.05 percent to close at 1,518.74.
Nomu Continues Spectacular Performance
Despite the dip in the Tadawul All Share Index, the Kingdom’s parallel equity market, Nomu, continued its spectacular performance for the third consecutive day as it soared 2,048.72 points, or 8.21 percent, to reach 26,977.60. Future Care Trading Co. drove Nomu’s performance on Thursday as the firm’s share price soared 30 percent to SR45.50. Another top gainer on the parallel market was Banan Real Estate Co., whose share price increased 30 percent to SR8.58.
Best and Worst Performers of the Day
The best performer of the day was Sadr Logistics Co., whose share price soared 9.95 percent to SR4.86. Other top gainers include Thob Al Aseel Co. and Arabian Shield Cooperative Insurance Co., whose share prices surged by 5.92 percent and 5.71 percent, respectively. The worst performer was Alinma Tokio Marine Co., with the company’s share price dipping 9.93 percent to SR15.96.
Announcements from SABIC and SADAFCO
On the announcements front, the board of directors of Saudi Basic Industries Corp. approved an 18 percent cash dividend for the first half of 2023 at SR1.8 per share. Earlier in May, SABIC had reported a 127.59 percent increase in net profit in the first quarter of the year compared to the last three months of 2022. Meanwhile, Saudia Dairy and Foodstuff Co. reported a 49 percent rise in its net profit to SR310.46 million in the fiscal year that ended on March 31, 2023, compared to the net profit of SR209.05 million a year earlier. In a statement to Tadawul, SADAFCO noted that this leap in profit was driven by a 22 percent year-over-year increase in sales volume.
Conclusion
Despite the slight dip in the Tadawul All Share Index, Nomu’s spectacular performance for the third consecutive day is a positive sign for the Saudi Arabian stock market. The best performer of the day was Sadr Logistics Co., while the worst performer was Alinma Tokio Marine Co. On the announcements front, SABIC approved an 18 percent cash dividend for the first half of 2023, while SADAFCO reported a 49 percent rise in net profit driven by a 22 percent year-over-year increase in sales volume.