Heading: Saudi Arabia’s Stock Market Sees Muted Performance on First Trading Day After Eid Holidays
On its first trading day after the Eid holidays, Saudi Arabia’s stock market, the Tadawul All Share Index, saw a relatively muted performance. The index rose by 34.93 points, or 0.3 percent, to close at 11,493.91 points. Meanwhile, the MSCI Tadawul Index inched up 0.4 percent to 1,516.30 points, and the parallel market Nomu fell by 4.22 percent to close at 25,043.16.
Heading: Trading Turnover and Stock Movements
The total trading turnover of the benchmark index reached SR4.56 billion ($1.22 billion) on this trading day. Out of the 228 listed stocks, 143 advanced while 60 retreated. Among the top performers of the day was First Mills Co., whose share price surged by 13.48 percent to SR80. Jamjoom Pharmaceuticals Factory Co. also saw its shares advance by 9.94 percent to SR98.40. The company reported a significant jump in net profit and revenue in the first quarter of 2023 compared to the previous year.
Heading: Rise in Share Price for Medgulf and Dividend Announcements
The share price of Mediterranean and Gulf Insurance and Reinsurance Co., also known as Medgulf, rose by 8.37 percent to SR10.10. The insurance company reported a net profit of SR36.2 million in the first quarter of this year, a significant improvement compared to a net loss in the year-ago period.
On the announcements front, BinDawood Holding Co. informed the Saudi Stock Exchange that its shareholders approved a reduction in the stock’s par value from SR10 to SR1 during an extraordinary general meeting held on June 22. The stock split will apply to the share price as of the next business day following the meeting. Tadawul also witnessed a series of dividend announcements, including Saudi Arabia Refineries Co. approving a cash dividend of 10 percent of the capital for 2022. SARCO will release a total dividend of SR15 million, with the issue date yet to be determined.
Heading: Dividend Payouts and Shareholder Approvals
Naba Alsaha Medical Services Co.’s shareholders approved a 3 percent dividend payout, or SR0.3 per share, for 2022 during an ordinary general meeting held on June 22. The company will distribute a total dividend of SR2.1 million on July 10. Mobile Telecommunication Co., also known as Zain, saw its shareholders approve a 5 percent cash dividend, or SR0.5 per share, for 2022. The company will distribute the proceeds of SR449.4 million on July 12.
Heading: Conclusion
In conclusion, Saudi Arabia’s stock market had a relatively subdued performance on its first trading day after the Eid holidays. While some stocks saw significant gains, others experienced declines. Additionally, there were notable dividend announcements and shareholder approvals for various companies. Investors will continue to monitor the market closely for further developments and opportunities.