Closing Bell: Saudi main index closes in red at 10,770
The total trading turnover on the main index reached SR4.08 billion ($1.09 billion), with 94 stocks advancing and 159 declining.
The Kingdom's parallel market Nomu also fell, losing 91.69 points to close at 26,144.11, while the MSCI Tadawul Index edged down 0.26 percent to 1,391.13.
The best-performing stock on the main market was Red Sea International Co., whose share price jumped 9.96 percent to SR45.72. BAAN Holding Group Co. rose 4.98 percent to SR2.32, while Astra Industrial Group gained 4.71 percent to SR149.
The share price of Methanol Chemicals Co. dropped by 9.92 percent to SR10.62.
On the announcements front, Saudi Electricity Co. reported a net profit attributable to common shares of SR1.86 billion after deducting profit attributable to Mudaraba instruments for the second quarter, up 113 percent from SR0.87 billion a year earlier.
The company's net profit before Mudaraba payments stood at SR6.25 billion, compared to SR5.24 billion in the same quarter of 2024, reflecting a 19.26 percent increase.
The utility's share price slipped 0.61 percent to SR14.61.
First Milling Co. announced it had completed the acquisition of a 100 percent stake in Jeddah-based Al Manar Feed Co. in a deal valued at SR77 million. In a Tadawul filing, the company said the acquisition aligns with its strategy to boost feed production capacity.
With the purchase, First Milling Co. will add a daily production capacity of 450 tonnes in the feed segment, bringing its total feed output to 1,350 tonnes per day.
The company's share price rose 0.28 percent to SR53.20.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
24 minutes ago
- Argaam
Jamjoom Fashion issues prospectus for Nomu IPO
Jamjoom Fashion Co. issued the prospectus to float 2.38 million shares on the Nomu-Parallel Market. The offered shares represent 30% of its pre-IPO capital of SAR 79.48 million, divided into 7.94 million shares at SAR 10 par value. The IPO will be limited to qualified investors, as per the Capital Market Authority's (CMA) instructions. The share offering will run for four working days, from Sept. 1-4. In June, the CMA approved the company's application to list its shares on Nomu.
Argaam
an hour ago
- Argaam
Saudi Arabia vaults to 23rd globally on Mining Investment Attractiveness Index
The Saudi mining sector ranked 23rd globally on the Mining Investment Attractiveness Index, according to the Annual Mining Companies Survey Report 2024 issued by the Canada-based Fraser Institute. According to the report, the sector has witnessed an unprecedented global achievement over the past decade, outperforming peers in key destinations in Asia and Latin America, solidifying the Kingdom's position as one of the world's key emerging powers in the mining sector. The Kingdom has achieved remarkable progress on the Policy Perception Index, rising to 20th place globally in 2024 out of 82 countries surveyed. Meanwhile, the Geological Capabilities Index witnessed an unprecedented leap for the Saudi mining sector, reaching 24th place in 2024, showed the report. The Kingdom also recorded exceptional improvement in several key indices between 2013 and 2024, as shown in the following table:
Arab News
an hour ago
- Arab News
Syrian, Iraqi energy ministers discuss Kirkuk–Baniyas oil pipeline
LONDON: The Syrian Arab Republic's Energy Minister Mohammed Al-Bashir on Tuesday discussed strengthening bilateral cooperation in the energy sector with Iraq's Deputy Prime Minister and Oil Minister Hayan Abdul Ghani. Al-Bashir stressed Syria's need for oil imports, and proposed linking pipelines between the two countries, noting that the Kirkuk-Baniyas line was no longer functional. Iraq's deputy prime minister spoke of his country's interest in reactivating the 850 km pipeline and suggested evaluating whether to repair it or build a new one due to regional events affecting oil exports, the Syrian Arab News Agency reported. Pumping stations along the Kirkuk–Baniyas route are largely destroyed and need full restoration, the SANA added. Discussions in Baghdad also included plans for laying optical cables alongside the oil pipelines and connecting them to Lebanon. Both parties agreed to establish joint technical teams and a primary coordination committee. Syrian Deputy Energy Minister Ghiyath Diab also attended the meeting.
