RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward trend for the second consecutive day, climbing 80.78 points, or 0.68 percent, to close at 11,882.68.
The total trading turnover of the benchmark index was SR6.74 billion ($1.80 billion) as 104 of the 228 listed stocks advanced, while 108 retreated.
While Saudi Arabia’s parallel market Nomu edged up 284.89 points, or 1.15 percent, to close at 25,113.16, the MSCI Tadawul 30 Index rose 0.68 percent to 1,569.61.
The best-performing stock of the day was the Mediterranean and Gulf Insurance and Reinsurance Co., whose share price soared 9.97 percent to SR13.46.
Alinma Bank and Saudi Research and Media Group were top performers in the benchmark index, whose share prices surged by 8.46 percent and 5.04 percent, respectively.
The worst performer was Alkhaleej Training and Education Co., whose share price dipped 3.38 percent to SR20.
On the announcements front, Saudi National Bank reported a 10.4 percent surge in net profit to SR10.03 billion in the first half of 2023, compared to SR9.09 billion in the same period a year ago.
According to a Tadawul statement, SNB said the rise in net profit was attributed to a higher operating income and lower operating expenses.
The statement added that the net profit of SNB in the second quarter of 2023 rose 9.3 percent to SR5.01 billion from SR4.58 billion in the same period of 2022. Despite recording a rise in profit, SNB’s share price fell 0.74 percent to SR40.
Another company that announced its financial results for the first half was Zahrat Al Waha for Trading Co. In a statement to Tadawul, the company revealed that its net profit fell marginally by 1.56 percent to SR9.8 million in the first six months of this year, compared to SR9.91 million in the first half of 2022.
The trading firm attributed the fall in net profit to higher selling and distribution expenses and a rise in general and administrative expenses. Its share price dipped 0.26 percent to SR38.
Meanwhile, Sahara International Petrochemical Co., also known as Sipchem, announced its financial results on Tuesday. The company’s net profit narrowed in the first half of this year to SR783.3 million, compared to SR2.34 billion during the same period in 2022.
Sipchem, in a statement, revealed that the fall in net profit was driven by a decrease in the selling prices of the company’s products. Its share price on Tuesday edged up 0.54 percent to SR37.10.