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Press Dossier    By Date   25/03/2024 Closing Bell: Saudi main index slips to close at 12,796

Arab News, Mon, Mar 25, 2024 | Ramadan 15, 1445

​​Closing Bell: Saudi main index slips to close at 12,796

Saudi Arabia: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 39.56 points, or 0.31 percent, to close at 12,796.09.

The total trading turnover of the benchmark index was SR6.58 billion ($1.75 billion) as 82 stocks advanced, while 138 retreated. 

The Kingdom’s parallel market, Nomu, also dipped 521.88 points, or 1.91 percent, to close at 26,840.41. This comes as 30 stocks advanced, while as many as 27 retreated.

Meanwhile, the MSCI Tadawul Index slipped 4.59 points, or 0.28 percent, to close at 1,612.58.

The best-performing stock of the day was Saudi Cable Co. The company’s share price surged 9.99 percent to SR76.00.

Other top performers included Saudi Arabian Amiantit Co. as well as CHUBB Arabia Cooperative Insurance Co.

The worst performer was East Pipes Integrated Company for Industry whose share price dropped by 6.73 percent to SR144.20.

On the announcements front, Al Jouf Cement Co. announced its annual consolidated financial result for the period ending Dec.31.

According to a Tadawul statement, the entity’s net profit hit SR84.71 million during the period, up 174.2 percent in comparison to 2022 figures.

The rise is mainly attributed to an increase in sales and an improvement in the average selling prices with a decrease in production costs.

Moreover, Amana Cooperative Insurance Co. also announced its annual financial results for 2023.

A bourse filing revealed that the firm’s net profit reached SR25.43 million in the period ending Dec.31, reflecting an increase of 154 percent compared to the loss recorded in the corresponding period a year earlier. 

This rise in profits primarily owed to improved net service results, a reduction in net expense from reinsurance contracts, growth in the company’s investment portfolio, as well as enhanced net other income and expenses.

Meanwhile, Saudi Arabian Amiantit Co. announced that all the obligations owed by the firm to the Saudi National Bank amounting to SR313 million were settled at a 50 percent discount.

According to a Tadawul statement, this will be done by paying SR156.5 million from the proceeds of the capital increase and exempting the company from all its remaining obligations to the financial institution.

The financial impact of the transaction will be reflected in the results of the financial statements for the first quarter of 2024.

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