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FinancialNews
12-04-23
Tadawul All Share Index Continues to Decline, But Allied Cooperative Insurance Group Sees Gains
(MENAFN) Saudi Arabia's Tadawul All Share Index continued its downward trend on Tuesday, losing 56.43 points or 0.52 points to close at 10,849.05. The MSCI Tadawul 30 Index also dipped 0.64 percent to 1472.18, while the parallel market Nomu edged up 73.42 points or 0.37 percent to 20,112.57. Despite the decline in the overall market, Allied Cooperative Insurance Group saw gains as its share prices went up by 7.26 percent to SR13.30, making it the top gainer of the day.
Perfect Presentation for Commercial Services Co. and Thimar Development Holding Co. also performed well, with their share prices increasing by 4.65 percent and 3.41 percent, respectively. In contrast, Middle East Specialized Cables Co. was the worst performer of the day, with its shares going down 5.29 percent. Al-Baha Investment and Development Co. and Sadr Logistics Co. also saw dips in their share prices, by 4.91 percent and 3.81 percent, respectively.
Perfect Presentation for Commercial Services Co.'s board of directors proposed splitting the stock's nominal value from SR10 to SR1 per share. The company indicated that the number of shares would increase from 15 million to 150 million, according to a Tadawul statement.
The total trading turnover of the benchmark index was SR5.10 billion (USD1.36 billion). On Tuesday, Saudi Arabian Amiantit Co. announced its financial results for the first quarter of 2023. The company revealed that it turned to a net profit of SR2 million in the first quarter from a net loss of SR6 million a year earlier. Saudi Arabian Amiantit Co. attributed the rise in profit to continued sales growth, an increase in new orders, and rationalizing and controlling operating costs.
Meanwhile, Mayar Holding, which debuted on the parallel market Nomu with a base price of SR70, saw a decline of 10.29 percent in its share prices, closing at SR62.80. The decline in the share prices of Mayar Holding is noteworthy, given that it is a newly-listed company.
In summary, despite the decline in the Tadawul All Share Index and MSCI Tadawul 30 Index, Allied Cooperative Insurance Group saw gains, and Perfect Presentation for Commercial Services Co. proposed a stock split. On the other hand, Middle East Specialized Cables Co., Al-Baha Investment and Development Co., and Sadr Logistics Co. were among the worst performers of the day. Saudi Arabian Amiantit Co. announced its financial results, reporting a rise in profit. Lastly, newly-listed Mayar Holding saw a decline in its share prices.
MENAFN12042023000045014228ID1105988577
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