RIYADH: Middle East stock markets continued to rally after a “Black Monday” when global indexes tumbled on worries of a potential US recession triggered by a weak jobs report in the largest economy from the world.
Saudi Arabia's Tadawul All Share Index closed at 11,729.71 on Wednesday, up 50.55 points or 0.43 percent.
The benchmark's total turnover was SR6.98 billion ($1.86 billion) as 169 stocks advanced while 62 retreated.
The Nomu Kingdom's parallel market rose 207.67 points, or 0.81 percent, to 25,903.77, with 30 of the listed stocks advancing and 31 retreating.
The MSCI Tadawul index gained 0.79 points, or 0.05 percent, to close at 1,467.35.
Rabigh Refining and Petrochemical Co. was the best performer of the day, its share price rising 10% to SR 8.14.
Other notable performers included Baazeem Trading Co. and Al-Baha Investment and Development Co.
The worst performer was Malath Cooperative Insurance Co., whose share price fell 6.12% to SR15.66.
Walaa Cooperative Insurance Co. and Rasan Information Technology Co. also saw declines.
Regarding announcements, Kingdom Holding Co. reported a 76.43% increase in net profit in the first half of this year, reaching SR 820 million. The increase was attributed to higher equity results, gains on sale of investment properties and lower finance charges.
Saudi Electricity Co. reported a 16.5% increase in net profit for the first half of 2024, totaling SR5.5 billion, driven by increased revenue and reduced finance costs.
Saudi Cable Co. saw an 87.7% drop in net profit to SR 7.02 million, while SAL Saudi Logistics Services Co. reported a 70.71% increase in net profit to reach SR363 million due to higher revenue and cost control efforts.
Rabigh Refining and Petrochemical Co. reported a net loss of SR2.46 billion for the first half of the year, up from SR2.1 billion in the same period last year, attributed to lower sales volumes and margins.
Alkhorayef Water and Power Technologies Co. reported a substantial increase in net profit to SR 119 million in the first half of 2024, marking a 75.57% year-on-year increase, driven primarily by an increase in operating profits.
National Metal Manufacturing and Casting Co. recorded a net loss of SR 19.17 million in the first six months of the year. This is a deterioration from the loss of SR 12.46 million recorded in the corresponding period of 2023. The increased loss is attributed to a decrease in sales of axles, spare parts and castings, as well as a reduction in the average selling price of products from drawn wire.
Riyadh Cement Co. made a net profit of SR 134 million in the first half of 2024, an increase of 6.22% compared to the same period last year, due to higher selling prices and increased income, despite the increase in Zakat expenses.
On Wednesday, Dubai's financial market rose 1.45 percent, while Abu Dhabi's stock market rose 1.05 percent.
The Qatar bourse gained 0.28 percent, the Bahrain bourse rose 0.09 percent and the Kuwait bourse rose 0.84 percent.
