Tadawul Shares Extend Losing Streak as October Exports, Imports Decline

The Tadawul All Share Index extended a losing streak on Wednesday after shares ended trading 0.18% in the red as investors assess the country's latest trade report.

According to the Saudi bourse, the index ended trading at 11,892.32 points. Out of 247 stocks, 132 shares closed in the green, while 86 closed in the red. Al-Baha Investment and Development (SASE:4130) was the top gainer, trading 8.33% in the green, while MBC Group (SASE:4072) was the stock that lost the most at 3.31%.

According to the General Authority for Statistics, Saudi Arabia's merchandise exports for October declined 10.7% year over year, while imports decreased 3.8% year over year.

"In October 2024, exports to China amounted to 16.1% of total exports, making this country the main destination for the Kingdom's exports. Followed next by India (9.5% of total exports) and Japan (9.4% of total exports), respectively. South Korea, United Arab Emirates, Egypt, Poland, Singapore, U.S.A, and Kingdom of Bahrain were the other countries that ranked in the top 10 destinations. Exports of the Kingdom to those 10 countries accounting for 67.0% of total exports," the statistics agency said in its report.

In other news, Saudi Networkers Services (SASE:9543) shares closed 0.38% higher as it obtained credit facilities worth 50 million Saudi riyals with Al Rajhi Bank. The information and communication technology company's funding, which will last until Oct. 31, 2025, will be used for working capital.

Meanwhile, East Pipes Integrated Co. for Industry (SASE:1321) shares were flat at closing as it secured seven-month contracts with Al Rashid Trading and Contracting and Saudi Real Estate Infrastructure. The agreements, which are valued at over 57 million riyals, cover the supply, production, and coating application of steel pipes.