RIYADH: Saudi Arabia's Tadawul All Share index ended the first trading session of the week on Sunday losing 291.41 points, or 2.42 percent, to close at 11,754.37.
Total turnover in the benchmark was SR6.45 billion ($1.72 billion) as 10 stocks advanced while 223 retreated.
The Kingdom's parallel market, Nomu, fell 480.44 points, or 1.81 percent, to 26,128.86 points. This comes as 17 stocks advanced while 53 retreated.
The MSCI Tadawul index also fell 37.35 points, or 2.47 percent, to close at 1,475.24.
The best performing act of the day was The Co. for Cooperative Insurance, also known as Tawuniya, whose share price rose 7.99 percent to SR 154.00.
Other top players included Almasane Alkobra Mining Co. as well as Taleem REIT Fund.
The worst performer was Kingdom Holding Co., whose share price fell 10% to SR8.28.
Other underperformers included Al Taiseer Group Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
Regarding the announcements, Herfy Food Services Co. disclosed its interim financial results for the period ending June 30.
According to a Tadawul statement, the company reported a net loss of SR23.24 million for the first six months of 2024, compared with SR8.27 million in the same period the previous year.
The increase in net losses is attributable to higher selling and marketing expenses, driven by an increase in delivery application costs, as well as an increase in general and administrative expenses.
Al-Baha Investment and Development Co. reported its interim financial results for the first half of this year. The company's net profit for the period ended June 30 reached SR 2.91 million, marking a 296 percent increase over the same period in 2023.
The increase in net profit is primarily attributable to high occupancy rates in the group's assemblies.
Edarat Communication and Information Technology Co., part of the Edarat Group, also published its interim financial results for the period ending June 30.
According to a Tadawul statement, the company's net profit rose 40% year-on-year to SR11.58 million in the first half of 2024.
This increase is primarily due to higher gross and operating profits, along with lower general and administrative expenses.
Saudi Reinsurance Co. also published its interim financial results for the first six months of 2024.
A stock exchange filing showed that the company's net profit for the first half of 2024 reached SR27.59 million, marking a 12.6% increase over the same period last year.
This increase in net income is attributable to a 20% increase in net insurance services results, a 68% increase in business and higher net investment results.
Sumou Real Estate Co. announced its interim financial results for the six months ended June 30.
According to a Tadawul statement, the company's net profit increased by 7.8% from the previous year to SR53.49 million. The increase is attributed to higher revenues from new real estate projects and improved return on investments in associated firms.
Al-Rajhi Bank reported its interim financial results for the first half of this year in a stock market filing showing the bank's net profit reached SR9.1 billion, a 9.74% increase over the same period of last year.
This increase was largely due to a 5.6% increase in total operating income driven by higher net financing and investment income, higher banking fees and exchange income.
