RIYADH: Saudi Arabia’s Tadawul All Share Index on Thursday lost 81.94 points — or 0.76 percent — to close at 10,701.79.
MSCI Tadawul 30 Index dropped 0.95 percent to 1,475.52, while the parallel market Nomu slipped 0.79 percent to 18,996.50.
TASI’s total trading turnover of the benchmark index on Thursday was SR4.04 billion ($1.08 billion), with 77 stocks of the listed 224 advancing and 130 retreating.
Salama Cooperative Insurance Co. was the topmost gainer for the second day in a row, rising 5.84 percent on Thursday to SR16.30.
The other top gainers were Dar Alarkan Real Estate Development Co., Saudi Arabian Cooperative Insurance Co., Knowledge Economic City and Americana Restaurants International.
The worst performer on Thursday was Alinma Bank, which fell 4.25 percent to SR31.55. The bank on Feb. 2 posted a net profit increase of 33 percent to SR3.59 billion in 2022 from SR2.70 billion in 2021.
The net profit growth was driven by an increase in total operating income by 19.6 percent year-on-year, mainly due to higher net income from financing and investment, fee income, the fair value of investments income through the income statement and currency exchange income.
Net income from specialized commissions, financing and investments increased 18 percent to SR6.01 billion in 2022 from SR5.14 in 2021.
The net profit for the fourth quarter of 2022 grew 39 percent to SR860.2 million from SR619.1 million during the same period in 2021.
The other stocks that performed poorly included Dr. Sulaiman Al Habib Medical Services Group, Banque Saudi Fransi, Saudi Industrial Investment Group and Etihad Etisalat Co.
Among sectoral indices, 14 of the 21 listed on the stock exchange declined, while the rest advanced.
The Real Estate Management & Development Index was the best-performing sector of the day as it gained 2.14 percent to 2,733.75, points led by Dar Alarkan Real Estate Development Co.’s 4.85 percent leap to SR12.96.
The Healthcare Equipment & Service Index was the worst-performing sector, losing 169.9 points to close at 9,384.11.
On the announcements front, Bank AlJazira also reported a rise of 10 percent in 2022 net profit to SR1.10 billion, compared to SR1 billion in 2021.
The growth was spurred by a 10 percent decline in total operating expenses year on year.
“The reduction in total operating expenses came primarily due to a decrease in the net impairment charge for financing and other financial assets, impairment charge for another real estate, rent and premises-related expenses and depreciation and amortization expenses,” the bank said in a statement to Tadawul.
In the fourth quarter of 2022, net profit rose 7 percent to SR243.8 million from SR228.8 million a year earlier. Bank AlJazira’s share price fell 0.52 percent to SR19.16.
Saudi Chemical Holding Co., through its pharmaceutical sector represented by the subsidiary AJA Pharmaceutical Industries Ltd, signed on Feb. 1 a memorandum of understanding with Lagap SA, a Swiss-based pharmaceuticals producer.
The MoU was signed at the Saudi Export stand during the Arab Health Exhibition 2023, the company said in a statement to Tadawul. The MoU is aimed at the co-development of pharmaceutical products and launching them in European and Middle East markets. The company’s share slumped 2.33 percent to SR27.30.