Closing Bell: Saudi Arabia's main index closes at 11,679 as Middle East stocks bounce
RIYADH: Most Gulf stock markets rebounded on Tuesday as comments from US central bank officials calmed investor nerves after a global sell-off in the previous session on fears of a possible US recession.
Saudi Arabia's Tadawul All Share Index rose 174.70 points, or 1.52 percent, to close at 11,679.16 on Tuesday.
The benchmark index saw total trading volume of SR9.07 billion ($2.42 billion), with 194 stocks advancing and 35 declining.
Saudi Arabia's Nomu parallel market was also flat on Tuesday, with the index down just 5.37 points to 25,696.10.
The MSCI Tadawul index added 1.31 percent to close at 1,466.56.
The day's top performer was Emaar The Economic City, whose share price rose 10 percent to SR7.81.
Other top performers were Al Sagr Cooperative Insurance Co. and Saudi Fisheries Co., whose share prices rose 9.99 percent and 9.96 percent, respectively.
The worst performer in the main market was Walaa Cooperative Insurance Co. The company's share price fell 9.99 percent to SR21.80.
On the parallel market, the companies Clean Life Co. grew the most. and Almuneef Co. for trade, industry, agriculture and contracting, whose share prices rose slightly by 9.93 percent and 9.63 percent, respectively.
Regarding the announcement, Jamjoom Pharmaceuticals Factory Co. reported a net profit of SR 209.92 million in the first half of this year, an increase of 22.99 percent compared to the same period in 2023.
This significant increase in net income was driven by higher revenues and offset by cost of sales, as well as improved cost efficiency in other operating expenses, the pharmaceutical firm said in a Tadawul statement.
Jamjoom Pharmaceuticals Factory Co. also announced a 16 percent cash dividend for the first half of this year of SR 1.6 per share.
Dar Alarkan Real Estate Development Co. on Tuesday it also announced its interim financial results for the first half of this year. According to a Tadawul statement, the company recorded an increase in net profit of SR318.71 million in the first six months of this year, an increase of 20.67 percent compared to the same period in 2023.
The real estate firm attributed the increase in profit to an annual increase in sales due to better property sales and project management consulting.
Yamama Cement Co. said its net profit fell 5.24 percent year-on-year to SR 199.65 million in the first half of this year.
Dubai's main stock index jumped 2.4 percent, paring some of its losses from Monday, when it fell more than 4 percent.
Developer Emaar Properties advanced 4.9 percent, while in Abu Dhabi the index rose 1.4 percent.
The Bahrain Stock Exchange eased 0.1 percent to 1,930, while the Kuwait Stock Exchange gained 1.1 percent to close at 7,625.
Qatar's stock market was flat on Tuesday, with the index losing just 8.23 points, or 0.08 percent, to close at 10,049.
