Saudi Arabia's Stock Market Sees Mixed Results on Sunday

(MENAFN) On Sunday, the Saudi Arabian stock market witnessed mixed results, with the Tadawul All Share Index (TASI) increasing by 1.82 percent, while the MSCI Tadawul 30 Index dropped by 2.23 percent. The parallel market, Nomu, also edged down slightly by 0.18 percent. Despite this, TASI's total trading turnover for the day was impressive, reaching SR7.6 billion (USD2.02 billion), with 52 stocks of the listed 224 advancing and 162 receding.

The biggest gainer of the day was Balady Poultry, which started trading on Nomu and remained unchanged at the closing, before registering a 29.89 percent increase over the previous close of SR91 per share. The poultry company opened at SR118.20 per share and ended up being the talk of the town, with investors showing great interest in its shares.

Themar Development Holding Co. was the second-best performer of the day, closing the trading session up by 8.86 percent at SR39.95. Jabal Omar Development Co. was the third-best performer, rising 7.86 percent to SR20.56. Amlak International Finance Co. was the fourth-best performer, increasing by 5.60 percent to SR15.14. Gulf Insurance Group and Makkah Construction and Development Co. were also among the top performers of the day.

Despite the overall positive trend in the market, the biggest faller of the day was Arabian Drilling Co., down by 4.49 percent to SR136. The company reported a net profit of SR557.7 million for 2022, up 103.84 percent compared to 2021, which is impressive. However, investors seemed to be unimpressed, and the company's shares suffered a decline. The company also reported a 22.94 percent increase in revenues to SR2.7 billion compared to 2021.

The mixed results in the stock market on Sunday reflect the ongoing uncertainty in global financial markets due to the COVID-19 pandemic. Nevertheless, the Saudi Arabian stock market seems to be holding steady, and investors remain optimistic about the country's economic future. The performance of Balady Poultry is particularly noteworthy, as it signals the potential for growth in the poultry industry in the country. Investors will be watching closely to see how the company performs in the coming days and weeks.


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