RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 86.52 points, or 0.84 percent, to close at 10,379.71.

The total trading turnover of the benchmark index was SR4.58 billion ($1.22 billion) as 87 of the listed stocks advanced, while 129 retreated. 

The Kingdom’s parallel market Nomu slipped 228.66 points, or 1 percent, to close at 2,548.52. This comes as 15 of the listed stocks advanced, while 40 retreated.

As for the MSCI Tadawul Index, it gained 17.63 points, or 1.34 percent, to close at 1,337.83.

The best-performing stock of the day was Saudi Paper Manufacturing Co. The company’s share price surged 7.24 percent to SR37.75.

Other top performers include Ades Holding Co. as well as Saudi Chemical Co., whose share prices soared by 7.13 percent and 5.05 percent, to stand at SR18.34 and SR3.95 respectively.

Naseej International Trading Co. and Alinma Bank were also among the top performers of the day.

The worst performer was Abdulmohsen Alhokair Group for Tourism and Development. The firm’s share price dropped by 6.54 percent to SR2.

Other fallers were Middle East Specialized Cables Co. as well Abdullah Saad Mohammed Abo Moati for Bookstores Co., whose share prices dropped by 5.19 percent and 4.52 percent to stand at SR14.62 and SR24.06, respectively.

Raydan Food Co. and Jabal Omar Development Co. were also among the worst performers of the day.

On the announcements front, Saudi Electricity Co. revealed it has obtained a $3 billion denominated international syndicated facility.

According to a Tadawul statement, the financing entities involved in the 5 year-agreement includes Dubai Islamic Bank PJSC, Kuwait Finance House, Mashreqbank PSC, and Saudi National Bank.

The amount will be utilized in funding the firm’s expansion plans and capital investments in the electricity industry.

On the other hand, Saudi Automotive Services Co. has announced its interim financial results for the first nine months of 2023.

A bourse filing revealed that the company’s net profits reached SR40.03 million in the period ending on Sep. 20, reflecting a 34.63 percent drop when compared to the similar period in 2022.

The decrease in net profit is mainly attributed to a drop in other revenues, in addition to increase in financing expenses, provision for credit losses, among other reasons.

On another note, Banque Saudi Fransi’s profits rose by 29.6 percent, on an annual basis, in the third quarter of 2023 to reach SR1.25 billion, which is the highest quarterly since 2003.

According to a Tadawul statement, this increase is mainly attributed to a 18.48 percent surge in total operating income during the period.

Meanwhile, the Saudi National Bank also announced its interim financial results for the period ending on Sep. 30.

A bourse filing showed that the firm’s net profits grew by 6 percent year-on-year in the third quarter of 2023 to reach SR5 billion, supported by a 3 percent increase in total operating income.

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