Saudi Shares Close Lower Amid Earnings Buzz

Saudi Arabian shares closed Sunday trading in the red amid a busy day of earnings updates.

The Tadawul All Share Index was 0.55% lower at closing at 12,217.05 points as 78 closed in the green and 147 were in the red. The session was led by Saudia Dairy and Foodstuff Co. (SASE:2270), d/b/a Sadafco, which closed 9.97% higher.

In earnings news, Elm Co. (SASE:7203) lost 3.74% as its first-quarter 2024 results increased year over year, which the digital company attributed to the increase in the revenue of its digital business and its business process outsourcing, while Morabaha Marina Financing (SASE:4082) was 0.54% in the red reported a decrease to its net profit in the first quarter due to the financial services company’s special commission expense and general and administration expense expenditure being raised.

Meanwhile, the busy week ahead will see the release of Eurozone's first-quarter GDP on Wednesday, followed by the release of the updated April inflation figures on Friday.

"The first estimate of [first-quarter] GDP surprised to the upside, recording a return to positive growth for the first quarter in three and by 0.3% [quarter over quarter], the firmest pace since [third quarter of 2022] and 0.2 [percentage points] above the ECB’s projection," Daiwa said in a note.

In other news, Singapore-based Ant International will expand into Saudi Arabia with the signing of a memorandum of agreement, which will allow Ant International to provide its digital financial and payment services in the country.