Kingdom Holding leads post-Eid Tadawul trading surge

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Time: 18 May 2021

Tadawul closed for the Eid Al-Fitr holiday on May 10, with trading resuming a week later on May 17. (Reuters)

This is despite the fact the company in March reported a net loss after Zakat

RIYADH: A total of 56 companies listed on the Saudi Exchange (Tadawul) were trading above their three-month averages on Tuesday, as the bourse reopened this week following the Eid Al-Fitr holiday.

Leading the pack was Kingdom Holding, the company controlled by Saudi Arabia’s Prince Alwaleed bin Talal.

According to data compiled by financial website Argaam, Kingdom Holding was trading 418 percent higher than its three-month trading average.

This is despite the fact the company in March reported a net loss after Zakat and tax of SR1.46 billion ($390 million) for 2020, compared with a profit of SR420.2 million the year before, a swing of 449.1 percent.

Second on the list was Etihad Atheeb Telecommunication Company, which was trading at 259 percent above its three-month average.

The telco in February reported a net profit after Zakat and tax of SR102.6 million for the nine months ending on Dec. 31 last year, compared with a loss of SR62.49 million for the same period in 2019, a swing of 264 percent.

Etihad Atheeb resumed trading on Tadawul on Feb. 14 after it was previously suspended in July 2018 for not disclosing financial results.

In total, 17 companies saw a triple digit percentage trading surge. Ranked third was Saudi Printing, up 215 percent, followed by the Al Abdullatif Industrial Investment Co (up 205 percent) and the Saudi Arabian Mining Company – Maaden (up 190 percent).

Tadawul closed for the Eid Al-Fitr holiday on May 10, with trading resuming a week later on May 17.

This article was first published in Arab News

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