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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 whole 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 prime corporations had 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 Training Co. turned a revenue of SR224,000 final 12 months, 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., often known as Sipchem, introduced that its internet 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 printed 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 result of rising prices and weak product spreads.
The monetary providers firm famous the efficiency of the telecom business is anticipated to be constructive because of the value optimization which is occurring within the sector.
The retail sector is anticipated to see an enchancment, pushed by the drop in transport 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 corporations to proceed to witness strain on earnings sequentially, primarily as a result of strain on product spreads amid a weak demand outlook,” mentioned Al-Rajhi Capital within the report.
The meals business can be anticipated to report a development in earnings on the again of repricing and wholesome volumes because of Ramadan, however could be partially offset by increased rates of interest pressuring the underside line, Al-Rajhi additional famous.
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