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17-05-23

Saudi Arabia's Tadawul All Share Index Slips as Healthcare Stocks Surge

(MENAFN) On Tuesday, Saudi Arabia's Tadawul All Share Index experienced a slight decline of 24.18 points, equivalent to 0.22 percent, closing at 11,206.02. Among the 224 stocks listed, 111 saw gains while 95 witnessed declines. Notably, stocks within the Pharma, Biotech, & Life Science index witnessed the most significant surge, climbing by 9.28 percent. Conversely, the Energy and Telecommunication sectors experienced a decline of 1.96 percent and 1 percent, respectively.

In parallel, the Nomu market, Saudi Arabia's parallel market, recorded a modest increase of 0.57 percent, closing at 20,682.62. However, the MSCI Tadawul Index faced a slight drop of 0.18 percent, closing at 1,504.59. The overall trading turnover for the benchmark index amounted to SR6.9 billion (USD1.84 billion).

Among the listed companies, Astra Industrial Group emerged as the top performer of the day, witnessing a significant climb of 9.9 percent and closing at SR74.40. Middle East Healthcare Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. also experienced notable increases, with their share prices rising by 9.9 percent and 9.85 percent, respectively. On the other hand, National Medical Care Co. faced a decline of 3.11 percent, closing at SR103, making it the worst performer.

In terms of announcements, Astra Industrial Group reported a net profit of SR122.8 million for the first quarter of 2023, representing a substantial increase of 64.53 percent compared to the previous year's figure of SR74.69 million. The company attributed this positive change in performance to revenue growth across all healthcare and pharmaceutical business lines. As a result, Astra Industrial Group's share price closed higher by 9.9 percent at SR74.40.
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