RIYADH: Saudi Arabia's Tadawul All Share Index ended the first trading session of the week on Sunday with a loss of 291.41 points or 2.42 percent to close at 11,754.37.
Total trading turnover of the benchmark index was SR6.45 billion (US$1.72 billion), with 10 of the stocks rising while 223 declined.
The kingdom's parallel market, Nomu, lost 480.44 points or 1.81 percent to close at 26,128.86, with 17 stocks gaining while 53 declined.
The MSCI Tadawul Index also lost 37.35 points or 2.47 percent and closed at 1,475.24.
The best performing stock 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 performers included Almasane Alkobra Mining Co. and Taleem REIT Fund.
The worst performer was Kingdom Holding Co., whose share price fell by 10 percent to 8.28 SR.
Other underperforming companies included Al Taiseer Group Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
In terms of announcements, Herfy Food Services Co. announced its preliminary financial results for the period ended June 30.
According to a statement from Tadawul, the company reported a net loss of SR23.24 million for the first six months of 2024, compared to SR8.27 million in the same period last year.
The increase in net loss was due to higher sales and marketing expenses resulting from an increase in delivery application costs as well as an increase in general and administrative expenses.
Al-Baha Investment and Development Co. has announced its preliminary 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, representing an increase of 296 percent over the same period in 2023.
The increase in net profit is mainly due to the high occupancy of the Group's building complexes.
Edarat Communication and Information Technology Co., part of the Edarat Group, also released its preliminary financial results for the period ended June 30.
According to a statement from Tadawul, the company's net profit in the first half of 2024 increased 40 percent year-on-year to SR 11.58 million.
This increase was mainly due to higher gross and operating profits and lower general and administrative expenses.
Saudi Reinsurance Co. also released its preliminary financial results for the first six months of 2024.
A stock exchange announcement showed that the company's net profit in the first half of 2024 reached SR 27.59 million, an increase of 12.6 percent over the same period last year.
This increase in net income is due to a 20 percent increase in net income from insurance services, 68 percent business growth and higher net investment income.
Sumou Real Estate Co. announced its preliminary financial results for the six months ended June 30.
According to a statement from Tadawul, the company's net profit increased 7.8 percent year-on-year to SR53.49 million. The increase was due to higher revenue from new real estate projects and improved returns from investments in affiliated companies.
Al-Rajhi Bank announced its preliminary financial results for the first half of this year. A stock exchange filing showed that the bank's net profit reached SR 9.1 billion, an increase of 9.74 percent over the same period last year.
This growth was largely due to a 5.6 percent increase in total operating income, reflecting higher net income from financing and investments, higher fees from banking services and foreign exchange earnings.
