RIYADH: Saudi Arabia's Tadawul All Share Index ended its first trading session of the week on Sunday, losing 291.41 points, or 2.42 percent, to close at 11,754.37.
Total trading turnover in the benchmark index was SR6.45 billion ($1.72 billion), with 10 stocks gaining and 223 declining.
The Kingdom's parallel market, Nomu, slid 480.44 points, or 1.81 percent, to close at 26,128.86. This comes as 17 stocks advanced while 53 fell.
The MSCI Tadawul index also fell 37.35 points, or 2.47%, to close at 1,475.24.
The best performing stock of the day was The Co. for Cooperative Insurance, also known as Tawuniya, whose share price rose 7.99% to SR154.00.
Other top holdings include Almasane Alkobra Mining Co. and Taleem REIT Fund.
The worst performing company was Kingdom Holding Co., whose share price fell 10% to SR8.28.
Among the companies that performed below expectations were Al Taiseer Group Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
In announcements, Herfy Food Services Co. reported its interim financial results for the period ended June 30.
According to a statement from Tadawul, the company recorded a net loss of SR23.24 million for the first six months of 2024, compared to SR8.27 million in the same period of the previous year.
The increase in net loss is attributed to higher selling and marketing expenses, due to increased delivery application costs, as well as increased general and administrative expenses.
Al-Baha Investment and Development Co. has reported its interim financial results for the first half of this year. The company's net profit for the period ended June 30 reached SR2.91 million, marking an increase of 296 percent compared to the same period in 2023.
The increase in net profit is mainly attributed to high occupancy rates at the group's complexes.
Edarat Communication and Information Technology Co., part of Edarat Group, also released its interim financial results for the period ended June 30.
According to a statement from Tadawul, the company's net profit increased 40% year-on-year to SR11.58 million in the first half of 2024.
This increase was mainly due to the increase in gross and operating profits, as well as the reduction in general and administrative expenses.
Saudi Reinsurance Co. also released its interim financial results for the first six months of 2024.
A stock exchange filing showed that the company's net profit for the first half of 2024 reached SR27.59 million, marking a 12.6% increase compared to the same period last year.
This increase in net income is attributed to a 20 percent increase in insurance services net results, a 68 percent growth in business and higher net investment results.
Sumou Real Estate Co. announced its interim financial results for the six months ended June 30.
According to a statement from Tadawul, the company's net profit increased 7.8 percent year-on-year to SR53.49 million. The increase is attributed to higher revenues from new real estate projects and better returns on investments in related companies.
Al-Rajhi Bank has released its interim financial results for the first half of this year, with stock exchange filings showing that the bank's net profit reached SR9.1 billion, up 9.74 percent from the same period last year.
This growth was largely due to a 5.6% increase in total operating income, driven by higher net financing and investment income, higher banking service fees and foreign exchange gains.
