(MENAFN) Saudi Arabia's stock market, the Tadawul All Share Index, experienced a slight decline on Monday, shedding 12.63 points or 0.11 percent to close at 11,329.19. This follows a relatively stagnant performance the previous day. Similarly, the parallel market, Nomu, witnessed a decrease of 183.81 points, reaching 20,604. The MSCI Tadawul Index also experienced a slight dip of 0.36 percent, closing at 1,521.05. The total trading turnover for the benchmark index amounted to SR6.78 billion (USD1.81 billion), reflecting moderate market activity.
Among the listed companies, East Pipes Integrated Co. for Industry emerged as the top performer, with its share price surging by 9.93 percent to reach SR60.90. Saudi Pharmaceutical Industries and Medical Appliances Corp. and Ayyan Investment Co. also showed strong performance, with their share prices soaring by 9.93 percent and 9.18 percent, respectively.
However, Scientific and Medical Equipment House Co. faced challenges as it announced its financial results on Monday. The company reported a significant decline in net profit, which shrank by 62.5 percent to SR6.3 million compared to SR16.8 million in the same period the previous year. As a result, the company's share price dipped by 4.09 percent, closing at SR72.20.
Another notable company, Saudi Arabian Mining Co. (Ma'aden), reported a substantial decrease in net profit for the first quarter of 2023. The company's net profit slumped by 80.69 percent to SR419.41 million compared to SR2.17 billion in the same quarter of the previous year. Ma'aden attributed the decline to factors such as lower average selling prices for its products (excluding gold), increased costs of sales, higher raw material costs, and soaring production costs. Consequently, Ma'aden's share price slipped by 2.62 percent, closing at SR66.50 at the end of Monday's trading session.
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