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RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward pattern, rising 101.54 factors — 0.91 % — to 11,265.11 because the Kingdom’s bourses re-opened after the Eid Al-Fitr holidays.
The parallel market Nomu additionally went up by 443.53 factors, or 2.12 %, to 21,351.97, whereas the MSCI Tadawul 30 Index edged up by 0.67 % to 1,521.47.
The entire buying and selling turnover of the benchmark index was SR6.29 billion ($1.68 billion).
The highest performer of the day was Tihama Promoting and Public Relations Co., whose shares went up by 7.67 % to SR25.
Different high firms have been Astra Industrial Group and Electrical Industries Co., with their shares rising by 6.89 % and 6.41 % respectively.
The worst performer was Al Moammar Data Techniques Co., which noticed its shares dip by 2.62 % to SR118.80.
On the bulletins entrance, Alkhaleej Coaching and Schooling Co. turned a revenue of SR224,000 final yr, in comparison with the SR33.44 million loss it incurred in 2021.
This alteration was attributed to an increase in income, which elevated by SR36 million in 2022, in comparison with 2021.
In the meantime, Sahara Worldwide Petrochemical Co., also referred to as Sipchem, introduced that its web revenue fell 56 % within the first quarter of 2023 to SR470.3 million, down from SR1.07 billion in the identical interval in 2022.
Forward of earnings outcomes being revealed for the primary quarter of 2023, Al-Rajhi Capital launched a report noting that the general outlook for Saudi Arabian equities within the interval appears blended, with sectors together with petrochemical and vitality anticipated to witness pressures as a consequence of rising prices and weak product spreads.
The monetary providers firm famous the efficiency of the telecom trade is predicted to be optimistic because of the price optimization which is occurring within the sector.
The retail sector is predicted to see an enchancment, pushed by the drop in delivery prices that are anticipated to positively contribute to the margins, particularly for these importing from overseas, it added.
“For the petrochemical and vitality sectors, we anticipate most firms to proceed to witness strain on earnings sequentially, primarily as a consequence of strain on product spreads amid a weak demand outlook,” stated Al-Rajhi Capital within the report.
The meals trade can be anticipated to report a progress in earnings on the again of repricing and wholesome volumes because of Ramadan, however could be partially offset by larger rates of interest pressuring the underside line, Al-Rajhi additional famous.
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