Arab News, Wed, Apr 17, 2024 | Shawwal 8, 1445
Closing Bell: Saudi benchmark index edges down 1.64% to 12,500
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index shed 207.91 points or 1.64 percent on
Tuesday to close at 12,500.43.
The total trading turnover of the benchmark index
was SR10.22 billion ($2.72 billion), with 42 stocks advancing and 186
declining.
Nomu, Saudi Arabia’s parallel market, also lost
239.21 points to close at 26,309.38. The MSCI Tadawul Index shed 31.821 points
to 1,578.42.
The best-performing stock was Red Sea
International Co. The firm’s share price soared by 10 percent to SR33.
Other top performers were Etihad Atheeb
Telecommunication Co. and Saudi Steel Pipe Co., whose share prices surged by
6.57 percent and 4.59 percent respectively.
Meanwhile, ACWA Power’s share price hit SR427 on
Tuesday, an all-time high since the company’s listing on the main market.
However, the company closed its trading at SR417.
The worst performer of the day was Advanced
Petrochemical Co., as its share price dipped by 5.30 percent to SR42.90.
On the announcements front, United Electronics Co.
revealed that its net profit for the first quarter of this year climbed 11
percent to SR93.9 million.
In a Tadawul statement, the company, also known as
eXtra said that the rise in net profit was driven by a 10 percent year on year
rise in total revenues.
Meanwhile, Al-Moammar Information Systems
announced that its board of directors has recommended the payment of a cash
dividend at 8 percent of capital, or SR0.8 a share for the first quarter of
2024.
Moreover, the company’s board also recommended a
three-year dividend policy until 2026.
“The policy will be submitted for approval at the
upcoming general assembly meeting, the date of which will be announced later.
The policy aims to maintain a minimum dividend per share of 50 percent of net
profits annually,” said Al-Moammar Information Systems in a statement.