Riyadh: The Tadawul All Share Index in Saudi Arabia increased by 48.89 points, or 0.43 percent, to 11,305.28 on Tuesday as a result of favourable market conditions that were only marginally offset by falling energy prices.
The MSCI Tadawul Index edged up 0.36 percent to 1,520.18 while the parallel market Nomu dropped just 2.97 points to 21,055.56.
The benchmark index's total trading volume on Tuesday was SR6.11 billion ($1.63 billion).
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At 4:10 PM Saudi Arabian time, the price of Brent crude was down 60 cents, or 0.78 percent, at $76.41, while US West Texas Intermediate crude was down 60 cents, or 0.82 percent, to trade at $72.56.
The top performer on Tuesday was United Cooperative Assurance Co, whose share price increased by 10% to SR9.90. Insurance companies led the gainers on the day.
Saudi Enaya Cooperative Insurance Co. and Al Sagr Cooperative Insurance Co. were also among the top performers of the day, with share prices rising by 9.97% and 9.96%, respectively.
The worst performer of the day was Tihama Advertising and Public Relations Co., whose share price fell by 9.96% to SR18.80.
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In terms of announcements, Saudi Arabian Oil Co. stated that its net profit for the first quarter of 2023 was SR119.54 billion, an increase of 3.75 percent from the SR115.22 billion reported in the previous quarter. The company's share price increased 3.23 percent during the uptick to SR33.60.
In contrast, Advanced Petrochemical Co. reported that its net profit fell by 73.78 percent in the first quarter of 2023 to SR43 million from SR164 million in the corresponding period of the previous year.
In a statement to Tadawul, the company explained that a 27% drop in sales prices and a 6% drop in sales volumes were to blame for the year-over-year profit decline.
In the first quarter of this year, Mobile Telecommunication Co. Saudi Arabia, also known as Zain KSA, reported a net profit increase of 595.06 percent to SR563 million from SR80.5 million in the corresponding period last year.
In the meantime, Leejam Sports Co.'s net profit increased 36.3 percent year over year in the first quarter to SR62.7 million from SR46 million in the same period last year.
In comparison to a net profit of SR26.71 million during the same period in 2022, Herfy Food Services Co. reported a loss of SR12.81 million in the first quarter of 2023.