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Fluctuating Oil Prices Impact Saudi Arabia's Tadawul All Share Index
(MENAFN) On Wednesday, Saudi Arabia's Tadawul All Share Index slipped 12.10 points, or 0.11 percent, to finish at 11,293.18, as investors' confidence was affected by fluctuating oil prices. Meanwhile, the parallel market Nomu edged up 96.35 points to 21,151.91, and the MSCI Tadawul Index dropped slightly by 0.03 percent to 1,519.71. The total trading turnover of the benchmark index on Wednesday was SR5.70 billion (USD1.52 billion).
The Brent crude price fell 16 cents to USD77.28 at 4:00 p.m. Saudi time, while US West Texas Intermediate crude declined 13 cents to USD73.58. This decline in oil prices had a significant impact on the stock market, leading to a decrease in the Tadawul All Share Index.
Despite the decrease, some companies saw an increase in their share prices. Al Sagr Cooperative Insurance Co. was the top gainer of the day, as its share price soared by 9.93 percent to SR17.72. Naqi Water Co. and National Industrialization Co. also saw their share prices edge up by 3.61 percent and 3.43 percent, respectively. However, Ash-Sharqiyah Development Co. was the worst performer on Wednesday, with its share price dropping 8.14 percent to SR24.16.
On the announcements front, ACWA Power reported a significant increase in net profit in the first quarter of 2023. The utility major's net profit climbed by 77.63 percent to SR269.73 million, compared to SR151.85 million in the same period a year ago. ACWA Power attributed the rise in profit to higher operating revenue, primarily driven by increased contributions from existing projects, including plants that experienced outages in the same quarter of last year. Despite reporting a rise in net profit, the company's share prices closed flat at SR168.80.
Saudi Telecom Co. also disclosed its financial report for the first quarter of 2023, reporting a net profit rise of 2.44 percent to SR3.10 billion, compared to SR3.03 billion in the year-ago period. These reports reflect the ongoing performance of various companies in the Saudi Arabian stock market, amid fluctuations in oil prices and changing global economic conditions.
The Brent crude price fell 16 cents to USD77.28 at 4:00 p.m. Saudi time, while US West Texas Intermediate crude declined 13 cents to USD73.58. This decline in oil prices had a significant impact on the stock market, leading to a decrease in the Tadawul All Share Index.
Despite the decrease, some companies saw an increase in their share prices. Al Sagr Cooperative Insurance Co. was the top gainer of the day, as its share price soared by 9.93 percent to SR17.72. Naqi Water Co. and National Industrialization Co. also saw their share prices edge up by 3.61 percent and 3.43 percent, respectively. However, Ash-Sharqiyah Development Co. was the worst performer on Wednesday, with its share price dropping 8.14 percent to SR24.16.
On the announcements front, ACWA Power reported a significant increase in net profit in the first quarter of 2023. The utility major's net profit climbed by 77.63 percent to SR269.73 million, compared to SR151.85 million in the same period a year ago. ACWA Power attributed the rise in profit to higher operating revenue, primarily driven by increased contributions from existing projects, including plants that experienced outages in the same quarter of last year. Despite reporting a rise in net profit, the company's share prices closed flat at SR168.80.
Saudi Telecom Co. also disclosed its financial report for the first quarter of 2023, reporting a net profit rise of 2.44 percent to SR3.10 billion, compared to SR3.03 billion in the year-ago period. These reports reflect the ongoing performance of various companies in the Saudi Arabian stock market, amid fluctuations in oil prices and changing global economic conditions.
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