Arab News, Monday, Feb 06, 2023 | Rajab 15, 1444
Closing bell: TASI plunges 143 points to close at 10,589
Saudi Arabia: Saudi Arabia’s Tadawul
All Share Index on Sunday lost 143.21 points — or 1.34 percent — to close at
10,588.58.
MSCI Tadawul 30 Index dropped 1.45 percent to
1,454.10, while the parallel market, Nomu, slipped 0.48 percent to 18,905.15.
TASI’s total trading turnover of the benchmark
index was SR3.77 billion ($1 billion), with 46 stocks of the listed 224
advancing and 172 retreating.
The worst performer was Al Yamamah Steel
Industries Co., which crashed 5.06 percent to SR22.90. Other stocks that
performed poorly were Saudi Printing and Packaging Co., Saudi Arabian Amiantit
Co., Halwani Bros. Co. and Arabian Pipes Co. — all falling in the 4 percent
range.
Americana Restaurants International PLC was the
top gainer, rising 4.76 percent in the week's first trading session to SR3.74.
The other top gainers were Makkah Construction and
Development Co., Buruj Cooperative Insurance Co., Amana Cooperative Insurance
Co. and Salama Cooperative Insurance Co.
Among sectoral indices, 18 of the 21 listed on the
stock exchange declined, while the rest advanced.
The Software & Services Index took the biggest hit
plunging 1,104.79 points to close at 39,941.28.
On the announcements front, Etihad Atheeb
Telecommunication Co. informed the stock exchange that it booked a net profit of
SR13 million in the nine-month period that ended on Dec. 31, 2022, from a net
loss of SR 29.2 million in the year-ago period.
The profit was driven by higher revenue, lower
allowance for impairment in trade receivables, lower general and administrative
expenses, and financial charges.
The telco turned to a net profit of SR 8 million
in the third quarter of 2022-2023, against a net loss of SR7.37 million a year
earlier. Its share price fell 0.14 percent to SR69.90.
Al Moammar Information Systems announced that it
was awarded a project with a legal entity on Jan. 29 for SR42.4 million,
including value added tax.
The project includes the renewal of the technical
support service for infrastructure systems, and the company expects to sign the
contract on Feb. 28, it said in a statement. Its share price fell 0.43 percent
to SR93.60.
Meanwhile, Saudi Industrial Investment Group
disclosed that the unplanned maintenance works in its subsidiary, Saudi Polymers
Co., are still ongoing due to the nature of the mechanical repairs, which
require additional downtime to guarantee safe and reliable operations.
SIIG said that it expects to restart its operation
a week later. Its share price fell 2.71 percent to SR22.28.
Meanwhile, Batic Investments and Logistics Co.’s
fully-owned subsidiary, Batic Real Estate Co., said, on Feb. 2, that it received
the approval of Madinah Municipality to develop the Al-Khuzama residential
neighborhood community. Its share price stayed flat at SR23.44.