Closing bell: Saudi main index closes at 11,679, Middle Eastern stock markets rebound
RIYADH: Most Gulf stock markets rebounded on Tuesday as US Federal Reserve officials calmed investor nerves after the previous session's global sell-off on fears of a possible US recession.
Saudi Arabia's Tadawul All Share Index closed up 174.70 points, or 1.52 percent, at 11,679.16 on Tuesday.
The benchmark index recorded total trading volume of SR9.07 billion ($2.42 billion), with 194 stocks advancing and 35 declining.
Saudi Arabia's parallel market NOMU was also steady on Tuesday and the index fell by only 5.37 points to 25,696.10.
The MSCI Tadawul index closed up 1.31 percent at 1,466.56.
The best performing stock of the day was Emaar The Economic City, whose share price rose 10 percent to SR7.81.
Other top performers were Al Sagar Cooperative Insurance Company and Saudi Fisheries Company, whose share prices rose by 9.99 percent and 9.96 percent respectively.
Cooperative Insurance was the worst performer in the main market. The company's share price fell 9.99 percent to SR21.80.
In the parallel market, Clean Life Co., Almunif Co. for trade, industry, agriculture and contracting were the top gainers, whose share prices rose by 9.93 percent and 9.63 percent, respectively.
Ahead of the announcements, Jamjoom Pharmaceuticals Factory Company reported a net profit of SR209.92 million for the first half of this year, an increase of 22.99 percent over the same period in 2023.
This significant increase in net income was due to higher revenue and cost of sales offset by improved cost efficiency in other operating expenses, the pharmaceutical firm said in a Tadaul statement.
Jamjum Pharmaceuticals Factory Company has also announced a 16 percent cash dividend at the rate of 1.6 riyals per share in the first quarter of this year.
Dar Alarkan Real Estate Development Company also announced its interim financial results for the first half of this year on Tuesday. According to a Tadawul statement, the company saw a net profit increase of SR318.71 million in the first six months of this year, an increase of 20.67 percent compared to the same period in 2023.
The real estate firm said the increase in profits was driven by an increase in revenue on a year-on-year basis amid better property sales and project management consultancy.
Yamama Cement Company said its net profit fell by 5.24 percent year-on-year to 199.65 million riyals in the first quarter of this year.
Dubai's main share index jumped 2.4 percent, recouping some of its losses from Monday when it fell more than 4 percent.
Blue-chip developer Emaar Properties rose 4.9 percent, while the Abu Dhabi index rose 1.4 percent.
Bahrain's stock market fell 0.1 percent to 1,930, while the Kuwait exchange closed up 1.1 percent at 7,625.
The Qatar Stock Exchange was flat on Tuesday, with the index down just 8.23 points, or 0.08 percent, to close at 10,049.
