RIYADH: Saudi Arabia’s main index extended its losses in its last trading session of the week following further declines in oil prices.
The Tadawul All Share Index declined 1.71 percent to end at 11,211 while the parallel market Nomu dropped 1.67 percent to finish at 18,908.
Saudi oil giant Aramco ended the session 0.29 percent lower, a week after announcing that its profit had surged 39 percent in the third quarter of 2022, surpassing the average of analysts’ forecasts.
Profits at Aramco hit SR159 billion ($42 billion) after revenue soared 51 percent to SR544 billion.
Saudi National Bank, the Kingdom’s largest lender, slipped 4.02 percent, while the Kingdom’s most valuable bank, Al Rajhi, fell 1.41 percent, after it announced the appointment of CEO Waleed Almogbel as its new managing director and board member.
National Gypsum Co. fell 4.24 percent, as its profits declined by 77 percent to SR5.4 million during the first nine months of 2022. Alkhaleej Training and Education Co. shed 1.79 percent, after it reported a profit surge of 2,994 percent to SR10.3 million in the first nine months of 2022.
State-owned Saudi Electricity Co. declined 4.35 percent, after its profit fell 10 percent to SR13 billion in the first nine months of 2022.
Arabian Centres Co., known as Almrakez, increased 0.42 percent, following a higher profit of SR374 million for the first half of 2022.
Al Gassim Investment Holding Co. dropped 5.68 percent, with its losses increasing by 102 percent to SR746,685 during the first nine months of 2022.
Saudi Co. for Hardware plunged 2.48 percent, following news that its board of directors approved the appointment of Sameer Al-Hamidi as chairman, effective Nov. 3.
Arabian Drilling rose 4.29 percent, after it reported 171 percent growth in profits to SR421 million for the first nine months of 2022 in its first post-listing earnings results.
Saudi Arabian Amiantit Co. led the gainers with 9.97 percent gain, while Etihad Atheeb Telecommunication Co. shed 9.86 to lead the fallers.
Makkah Construction and Development Co. fell 1.94 percent, after not being able to announce its annual financial results by the deadline for the third quarter and nine months
Thimar Development Holding Co. was suspended from trading as it also was unable to publish its financial statements for the period ending Sep. 30, as scheduled.