RIYADH: Saudi Arabia's Tadawul All Share Index ended the first trading session of the week on Sunday with a loss of 291.41 points or 2.42 percent to close at 11,754.37.
Total trading turnover for the benchmark index was SR6.45 billion ($1.72 billion) as 10 stocks advanced while 223 declined.
The kingdom's parallel market, Nomu, fell 480.44 points, or 1.81 percent, to close at 26,128.86. This is because 17 stocks advanced while 53 retreated.
The MSCI Tadawul index also fell 37.35 points, or 2.47 percent, to close at 1,475.24.
The best performing stock of the day was The Co. for Cooperative Insurance, also known as Tawuniya, whose share price rose 7.99 percent to SR154.00.
Other top players included Almasane Alkobra Mining Co. and Taleem REIT Fund.
The worst performer was Kingdom Holding Co., whose share price fell 10 percent to SR8.28.
Other underperformers included Al Taiseer Group Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
On the announcement front, Herfy Food Services Co. revealed its interim financial results for the period ending June 30.
According to a Tadawul statement, the company reported a net loss of SR23.24 million for the first six months of 2024, compared with SR8.27 million in the same period a year earlier.
The increase in net loss is attributed to higher selling and marketing expenses, which are driven by an increase in delivery app costs, as well as an increase in general and administrative expenses.
Al-Baha Investment and Development Co. announced its interim financial results for the first half of this year. The company's net profit for the period ended June 30 reached SR 2.91 million, a 296 percent increase compared to the same period in 2023.
The increase in net profit is mainly due to the high occupancy of the group's premises.
Edarat Communication and Information Technology Co., part of the Edarat Group, also released its interim financial results for the period ended 30
The firm's net profit rose 40 percent year-on-year to SR11.58 million in the first half of 2024, according to a Tadawul filing.
This increase is primarily due to higher gross and operating profits along with lower general and administrative expenses.
Saudi Reinsurance Co. also published its interim financial results for the first six months of 2024.
A stock exchange filing revealed that the company's net profit for the first half of 2024 reached SR27.59 million, an increase of 12.6 percent over the same period last year.
This increase in net income is attributed to a 20 percent increase in insurance services net results, a 68 percent increase in business and higher net investment results.
Sumou Real Estate Co. announced its interim financial results for the six months ended June 30.
According to a Tadawul statement, the company's net profit rose 7.8 percent year-on-year to SR53.49 million. The increase is attributed to higher revenues from new real estate projects and better return on investment in affiliated companies.
Al-Rajhi Bank announced its interim financial results for the first half of this year, with the bourse saying the bank's net profit reached SR9.1 billion, up 9.74 percent from the same period last year.
This growth is largely due to a 5.6 percent increase in total operating income, driven by increased net income from financing and investments, higher banking fees and exchange income.
