RIYADH: Saudi Arabia’s Tadawul All Share Index gained 78.41 points or 0.65 percent to close at 12,093.35 on Wednesday. 

The total trading turnover of the benchmark index was SR7.57 billion ($2.02 billion), with 168 of the listed stocks advancing and 60 declining. 

The Kingdom’s parallel market Nomu also gained 22.06 points to close at 28,853.64, while the MSCI Tadawul Index edged up by 11.93 points to 1,519.76.

The best-performing stocks on the benchmark index were Al-Baha Investment and Development Co. and Tourism Enterprise Co., whose share prices surged by 10 percent and 6.32 percent, to SR0.33 and SR1.01, respectively. 

The worst performer of the day was Almunajem Foods Co. The firm’s share price edged down by 7.81 percent to SR106.20.

On the announcements front, Arabian Drilling Co. reported a net profit of SR251.24 million in the first nine months of this year, representing a 40.06 percent decline compared to the same period in 2023. 

In a Tadawul statement, the company attributed this net income decline to higher net finance expenses, as well as depreciation and amortization costs. Despite the net profit drop, Arabian Drilling Co.’s share prices did not change on Wednesday and remained at SR111.60.

Saudi Arabian Mining Co., also known as Ma’aden, announced that its net profit for the first nine months of this year reached SR2.97 billion, compared to a net loss of SR83.43 million in the same period in 2023. 

In a Tadawul statement, the mining firm attributed the rise in profit to higher sales prices and volumes, as well as lower depreciation expenses.

Maaden's share price edged up 4.07 percent to SR56.20.

Saudi Electricity Co. announced that its net profit for the first nine months of this year, after deducting the payments of the Mudaraba coupon, reached SR5.58 billion, marking a 21.3 percent rise compared to the same period in the previous year. 

SEC’s nine-month profit rose to SR12.1 billion before Mudaraba coupon payments, up from SR10.3 billion in the same period last year.

SEC’s share price surged by 6.28 percent to SR17.26 on Wednesday.

Saudi Industrial Development Co., which also announced its earnings report, said that it narrowed its net loss to SR20.07 million in the first nine months of this year, compared to a net loss of SR21.8 million in the year-ago period. 

SIDC’s share price edged down by 0.71 percent to SR27.90. 

Saudi Ground Services Co. reported a net profit of SR231.27 million in the first nine months of this year, representing a 54.33 percent year-on-year rise. 

In a Tadawul statement, the company attributed this rise in net profit to an increase in both domestic and international flight operations, especially during the Hajj and Umrah seasons. 

The share price of SGS did not witness any change on Wednesday, and the company closed the trading session at SR52.20.

RIYADH: Saudi Aramco has reduced its December pricing for Arab Light crude oil for Asian buyers, according to the latest price list released by the state-owned oil giant. The official selling price for Arab Light crude was cut by 50 cents, bringing it to $1.70 per barrel above the regional benchmark.

Similarly, the OSPs for Arab Extra Light and Super Light grades were also reduced by 50 cents per barrel for December, while the OSPs for Arab Medium and Heavy grades saw smaller cuts of 40 cents per barrel.

For North America, Aramco set the December OSP for its flagship Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index. The price differential for Arab Light crude in Western Europe was set at $0.15 above the ICE Brent benchmark, according to an official statement.

Aramco produces five grades of crude oil: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy.

These grades are distinguished by their density: Super Light has a density of more than 40, Arab Extra Light ranges between 36 and 40, Arab Light between 32 and 36, Arab Medium between 29 and 32, and Arab Heavy has a density of less than 29.

The global oil market has been under pressure in recent days, with crude oil prices falling 2.5 percent on Wednesday, ending a five-day winning streak.

This decline was largely attributed to a stronger US dollar, as early reports suggested that Donald Trump is edging closer to securing a second term in the White House. A stronger dollar tends to exert downward pressure on oil and other commodities, making them more expensive for buyers using other currencies.

As a result, Brent crude oil futures dropped to $73.64 per barrel, marking a 2.5 percent decrease from the previous close of $75.53. Similarly, West Texas Intermediate crude futures fell to around $70.22 per barrel, down 2.45 percent from the prior close of $71.99.

Crude oil prices have been subject to significant fluctuations recently, influenced by several key factors. These include OPEC+’s decision to delay its December production plans for the second time, rising tensions in the Middle East, expectations surrounding the upcoming US Federal Reserve policy meeting, and early signs of economic improvement in China, the world’s largest crude importer.