On Tuesday, Saudi Arabia’s Tadawul All Share Index faced a notable setback, declining by 2.18 percent or 266.84 points, ultimately closing at 11,985.97. The trading session recorded a transactional value of SR9.44 billion ($2.52 billion), revealing a disparity of 11 advancing stocks against 218 declining ones. In contrast, the parallel market, Nomu, managed a slight upturn of 0.36 percent, closing at 24,776.18, while the MSCI Tadawul Index mirrored the broader decline, slipping by 2.18 percent to a closing mark of 1,561.48.
Middle East Healthcare Co. emerged as a standout performer on the main index, experiencing a robust 4.72 percent surge in share price, reaching SR102. Baazeem Trading Co. and Almunajem Foods Co. also contributed to the positive side, with respective share price increases of 2.64 percent and 1.29 percent. However, East Pipes Integrated Co. for Industry faced a challenging day, marked as the worst performer with a 10 percent dip in its share price to SR85.50. Simultaneously, Ladun Investment Co. fueled optimism in the parallel market, witnessing a substantial 10.19 percent increase in its share price to SR7.14. Corporate highlights included Bupa Arabia for Cooperative Insurance Co. reporting a 17 percent surge in net profit for 2023, driven by a significant 33.91 percent year-on-year rise in revenue from insurance services, while Jarir Marketing Co. noted a modest 0.33 percent increase in net profit to SR973 million for the same period. Additionally, Kinan International Real Estate Development Co. signaled market activity by issuing a prospectus to float 3.6 million shares, representing 3 percent of capital, following approval from Saudi Arabia’s Capital Market Authority on December 20, 2023.