Closing bell: TASI plunges for the second day in a row, sheds 101 points

RIYADH: Saudi Arabia’s Tadawul All Share Index on Tuesday lost 101.24 points — or 0.98 percent — to close at 10,269.73, extending Monday’s 122 points crash.

While MSCI Tadawul 30 Index fell 1.17 percent to 1,401.04, the parallel market Nomu declined 1.40 percent to 19,017.37.

TASI’s total trading turnover of the benchmark index was SR3.36 billion ($900 million) as 52 stocks of the listed 224 advanced and 152 receded.

Among sectoral indices, 14 of the 21 listed on the stock exchange declined, while the rest gained.

The Real Estate Management and Development Index took the biggest hit, declining 2.15 percent to 2,658.37 as five of its six constituents slipped.

Tihama Advertising and Public Relations Co. was the worst-performing stock of the day as it crashed 9,41 percent to SR70.30.

Dar Alarkan Real Estate Development Co. also plummeted 6.88 percent to SR13.

The other prominent losers were Arab National Bank, Fawaz Abdulaziz Alhokair Co., and Saudi Investment Bank.

Stock markets in the Gulf Cooperation Council region also mirrored the bearish momentum as Abu Dhabi, Bahrain, Dubai, Kuwait, Muscat, and Qatar inched lower.

On the announcements front, Advanced Petrochemical Co. informed the Saudi Stock Exchange that it booked a 64 percent decline in net profit after zakat and tax to SR295 million for 2022 from SR815.4 million in 2021.

Revenue fell 5.24 percent to SR2.95 billion in the year ended Dec. 31, 2020, from SR3.11 billion in the year-ago period.

The decline in net profit was due to the SR109 million loss the company accumulated from its subsidiary SK Advanced Co. in 2022 compared to the profit of SR11 million in 2021.

Moreover, propane and propylene purchase prices increased by 13 percent and 4 percent, respectively, during the period under review.

APC informed Tadawul that its board of directors approved a 5.5 percent cash dividend, or SR0.55 per share, for the fourth quarter of 2022. The company’s share price fell 2.39 percent to SR44.85.

Water equipment manufacturer Saudi Arabian Amiantit Co. announced that its accumulated losses declined to 34.91 percent on Dec. 31, 2022, from 42.12 percent on Sept. 30, 2022.

The accumulated losses amounted to SR34.56 million of the paid-up capital of SR99 million. Amiantit’s share price increased slightly to SR38.80.

Meanwhile, Mobile Telecommunication Co. Saudi Arabia, also known as Zain KSA, signed an agreement with the Ministry of Finance to convert an existing commercial loan to a Shariah-compliant Murabaha facility.

The telco appointed Al Rajhi Bank as a Murabaha facility agent, it said in a statement on Tadawul. Zain KSA’s share price rose 1.53 percent to SR10.60.


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