RIYADH: Middle Eastern stock markets continued their recovery after “Black Monday,” when global indexes tumbled on concerns about a U.S. recession after a weak jobs report in the world’s largest economy.
Saudi Arabia's Tadawul Composite Index closed at 11,729.71, up 50.55 points, or 0.43 percent, on Wednesday.
The total trading volume of the benchmark index was 6.98 billion riyals ($1.86 billion), with 169 stocks rising and 62 falling.
The kingdom's parallel market, Nomu, closed at 25,903.77, up 207.67 points (0.81%), with 30 listed stocks rising and 31 falling.
The MSCI Tadawul Index closed up 0.79 points, or 0.05%, at 1,467.35.
Rabigh Refining and Petrochemical Co. was the biggest gainer of the day, rising 10% to SR8.14.
Other major participants include Baazeem Trading Co. and Al-Baha Investment and Development Co.
The worst performer was Malath Cooperative Insurance Co., which fell 6.12% to 15.66SR.
Walaa Cooperative Insurance Co. and Rasan Information Technology Co. also showed declines.
In terms of announcement, Kingdom Holding Co. reported a 76.43% increase in net profit for the first half of this year, reaching SR820 million. The increase was due to increased stock returns, gains from the sale of investment properties, and lower financial costs.
Saudi Electricity Co. reported a 16.5% increase in net profit for the first half of 2024 to SR5.5 billion, driven by higher revenue and lower financial costs.
Saudi Cable Co. reported a 87.7% drop in net profit to 7.02 million riyals, while SAL Saudi Logistics Services Co. reported a 70.71% increase in net profit to 363 million riyals, driven by higher revenue and cost management efforts.
Rabigh Refining and Petrochemical Co. reported a net loss of 2.46 billion riyals in the first half, compared to 2.1 billion riyals in the same period last year, due to lower sales and margins.
Alkorayev Water and Power Technologies Company reported a significant increase in its net profit for the first half of 2024, reaching SAR 119 million, a 75.57% increase year-on-year, mainly due to a surge in operating profit.
National Metal Manufacturing and Casting Co. experienced a net loss of SR 19.17 million in the first half of this year, worsening from the loss of SR 12.46 million recorded in the same period in 2023. The increase in the loss was due to lower sales of axles, spare parts and casting products, and lower average selling price of drawn wire products.
Riyadh Cement Company achieved a net profit of SAR 134 million in the first half of 2024, up 6.22% compared to the same period last year, due to higher selling prices and higher revenues despite higher zakat expenses.
On Wednesday, the Dubai Financial Market rose 1.45%, while the Abu Dhabi Exchange rose 1.05%.
The Qatar Stock Exchange rose 0.28%, the Bahrain Stock Exchange rose 0.09% and the Kuwait Stock Exchange rose 0.84%.
