RIYADH: Stock markets in the Middle East rebounded after a “black Monday” as global indexes fell on worries about a possible US recession triggered by a weak jobs report from the world's biggest economy.
Saudi Arabia's Tadawul Al Share index closed up 50.55 points, or 0.43 percent, at 11,729.71 on Wednesday.
Total trading volume of the benchmark index was SR6.98 billion ($1.86 billion), as 169 stocks advanced, while 62 retreated.
The Kingdom's parallel market Nomu closed up 25,903.77 up 25,903.77, up 207.67 points or 0.81 percent, with 30 listed stocks advancing and 31 retreating.
The MSCI Tadawul index closed up 0.79 points, or 0.05 percent, at 1,467.35.
Rabigh Refining and Petrochemical Company was the day's top performer, rising 10 percent to SR 8.14.
Other notable performers included Bajim Trading Company and Al-Baha Investment and Development Company.
The worst performer was Malath Cooperative Insurance Company whose share price fell by 6.12 percent to SR15.66.
Wala Cooperative Insurance Company and Rasan Information Technology Company have also decreased.
Ahead of the announcements, Kingdom Holding Company reported a 76.43 percent increase in net profit to SR820 million in the first half of this year. This increase was attributed to higher equity results, gains on investment property sales, and lower finance charges.
Saudi Electricity Company reported a 16.5 percent increase in net profit for the first half of 2024, totaling SR 5.5 billion, driven by increased revenue and lower financial costs.
Saudi Cable Company's net profit fell 87.7 percent to SR7.02 million, while SAL Saudi Logistics Services Company reported a 70.71 percent increase in net profit to SR363 million due to higher revenue and cost control efforts.
Rabigh Refining and Petrochemical Company reported a net loss of SR 2.46 billion for the first half of the year, widening from SR 2.1 billion in the same period last year.
Alkhorayef Water and Power Technology Company reported a significant increase in net profit to SR119 million in the first half of 2024, up 75.57 percent from the same period last year, driven mainly by an increase in operating profit.
National Metal Manufacturing and Casting Company suffered a net loss of 19.17 million Rials in the first six months of the year. This represents a decline from the SR12.46 million loss recorded in the same period in 2023. The increased loss was due to a decline in sales of axles, spare parts, and casting products as well as a decrease in average selling price. wire products.
Riyadh Cement Company achieved a net profit of SR134 million in the first half of 2024, a 6.22 percent increase compared to the same period last year due to higher sales prices and increased revenue despite rising zakat expenses.
On Wednesday, the Dubai Financial Market rose by 1.45 percent, while the Abu Dhabi Exchange rose by 1.05 percent.
Qatar Stock Exchange rose by 0.28 percent, Bahrain by 0.09 percent and Kuwait by 0.84 percent.
