RIYADH: Middle East stock markets continued to recover after a “Black Monday” that saw global indexes plunge on fears of a possible US recession triggered by a weak jobs report from the world's biggest economy.
Saudi Arabia's Tadawul All Share Index closed at 11,729.71, up 50.55 points, or 0.43 percent, on Wednesday.
Total trading turnover for the benchmark index was SR6.98 billion ($1.86 billion) as 169 stocks advanced while 62 declined.
The royal parallel market Nomu rose 207.67 points or 0.81 percent to close at 25,903.77, with 30 listed stocks advancing and 31 retreating.
The MSCI Tadawul index added 0.79 points, or 0.05 percent, to close at 1,467.35.
Rabigh Refining and Petrochemical Co. was the best performer of the day, with the share price climbing 10 percent to SR8.14.
Other notable artists included Baazeem Trading Co. and Al-Baha Investment and Development Co.
The worst performer was Malath Cooperative Insurance Co., whose share price fell 6.12 percent to SR15.66.
Walaa Cooperative Insurance Co also saw a decline. and Rasan Information Technology Co.
Regarding the announcement, Kingdom Holding Co. reported a 76.43 percent increase in net profit for the first half of this year to SR 820 million. The increase was attributed to higher equity results, gains on the sale of investment properties and reduced finance costs.
Saudi Electricity Co. reported a 16.5 percent increase in net profit totaling SR 5.5 billion for the first half of 2024, thanks to increased sales and reduced financial costs.
Saudi Cable Co. saw its net profit drop by 87.7 percent to SR 7.02 million, while SAL Saudi Logistics Services Co. reported a 70.71 percent increase in net profit to SR363 million on higher revenues and cost control efforts.
Rabigh Refining and Petrochemical Co. reported a first-half net loss of SR 2.46 billion, up from SR 2.1 billion in the same period last year due to lower sales volume and margins.
Alkhorayef Water and Power Technologies Co. reported a substantial increase in net profit, which reached SR 119 million in the first half of 2024, an increase of 75.57 percent compared to the same period of the previous year, mainly due to an increase in operating profits.
National Metal Manufacturing and Casting Co. recorded a net loss of SR 19.17 million during the first six months of the year. This represents a deterioration from the SR 12.46 million loss recorded in the corresponding period of 2023. The increased loss is attributed to a decline in sales of axles, spare parts and castings, as well as a decrease in the average selling price of drawn wire products.
Riyadh Cement Co. achieved a net profit of SR 134 million in the first half of 2024, an increase of 6.22 percent over the same period last year due to higher selling prices and increased revenues, despite rising Zakat costs.
Dubai's financial market rose 1.45 percent on Wednesday, while the Abu Dhabi Stock Exchange rose 1.05 percent.
The Qatar Stock Exchange gained 0.28 percent, the Bahrain Stock Exchange rose slightly by 0.09 percent and the Kuwait Stock Exchange advanced by 0.84 percent.
