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RIYADH: ��������’s Tadawul All Share Index fell on Tuesday, losing 23.30 points, or 0.21 percent, to close at 10,874.74. 

The total trading turnover reached SR7.32 billion ($1.95 billion), with 380.6 million shares exchanged, as 135 stocks advanced while 110 declined. 

The MSCI Tadawul 30 Index dropped 4.32 points, or 0.31 percent, to settle at 1,404.24.

The parallel market Nomu also ended lower, slipping 24.41 points, or 0.09 percent, to close at 26,184.04, with 29 gainers and 53 losers. 

The day’s top performer was Saudi Research and Media Group, which gained 8.28 percent to close at SR181.80. 

Other strong gainers included Development Works Food Co., up 7.24 percent at SR117.00, Alandalus Property Co., rising 6.16 percent to SR20.50, and SAL Saudi Logistics Services Co., which climbed 5.88 percent to SR180.00. Thimar Development Holding Co. also rose 5.61 percent to SR43.32. 

On the losing side, Halwani Bros. Co. recorded the steepest decline, dropping 5.60 percent to SR41.16, followed by ACWA Power Co., which fell 3.94 percent to SR216.90. 

Saudi Industrial Investment Group slipped 2.80 percent to SR18.38, while National Shipping Co. of �������� declined 2.35 percent to SR22.01. Al Kathiri Holding Co. also edged down 2.29 percent to SR2.13.

On the announcement front, Aljouf Mineral Water Bottling Co. reported a 28.16 percent year-on-year increase in net profit for the first half of 2025, reaching SR2.01 million compared to SR1.57 million a year earlier.  

Revenue rose 2.24 percent to SR36.72 million, supported by higher wholesale sales. The company’s shares, however, closed 1.04 percent lower at SR1.90. 

Banque Saudi Fransi announced its intention to issue US dollar-denominated Tier 2 capital notes under its Medium Term Note Program. The issuance will be conducted through a special purpose vehicle and offered to eligible investors in �������� and internationally.  

Proceeds will be used for general banking purposes. Shares of BSF ended the session down 1.47 percent at SR16.73. 

Leen Alkhair Trading Co. posted revenues of SR134.74 million for the first half of the year, an 11.45 percent increase compared to SR120.90 million in the same period last year.  

Despite higher sales, net profit fell 8.01 percent to SR3.68 million, driven by rising costs. The stock closed 1.21 percent higher at SR15. 

Al Kuzama Trading Co. reported a sharp 41 percent decline in net profit for the first half of 2025, falling to SR10.78 million from SR18.27 million in the same period of 2024.  

Revenue dropped 3.95 percent to SR150.24 million, with the company citing weaker catering revenue and lower sales during the Muslim fasting month of Ramadan. Its shares slipped 6.30 percent to close at SR76.60. 

Meanwhile, Alqemam for Computer Systems Co. announced the start of issuing its third and final tranche of sukuk denominated in Saudi riyals, valued at SR3 million.  

The issuance will be conducted via the electronic platform of Sukuk Financial Co., licensed by the Capital Market Authority.  

The sukuk will be offered to eligible natural and legal persons within ��������.  

RIYADH: Kuwait recorded an actual budget deficit of 1.06 billion dinars ($3.46 billion) for the 2024-2025 fiscal year ending March 31, significantly lower than the projected shortfall of 5.6 billion dinars.

According to Reuters, citing data published in the official gazette Kuwait Al-Youm, total actual revenues reached 22.06 billion dinars, surpassing the estimated 18.9 billion dinars. Of the total, 19.36 billion dinars were derived from oil income.

This comes as government spending came in at 23.11 billion dinars, lower than the 24.5 billion dinars initially forecast in the state budget plan.

Economic researcher Mohammed Ramadan said the lower-than-expected deficit was “normal,” attributing it to Kuwait’s conservative approach to budgeting, Reuters reported.

“The government usually underestimates revenues and overstates expenditures, which makes the projected deficit appear somewhat exaggerated,” he said.

“Unfortunately, this policy leads the government to spend less than it should, which in turn reduces investment in development projects that grow more expensive over time due to inflation and other factors,” he added.

Total expenditures declined by nearly seven percent compared to the previous fiscal year, when spending stood at 23.64 billion dinars.

Ramadan said the decrease was primarily due to reduced allocations for grants. 

These typically include support for foreign countries, international organizations, and some domestic institutions.

He also noted a reduction in the goods and services category, which encompasses a wide range of operational spending. 

“This indicates a broad reduction in government spending across many items in this category,” he said.

In February, the government approved the draft budget for 2025-2026, projecting the deficit to widen by 11.9 percent to 6.31 billion dinars.

The draft, which still requires final approval by Emir Sheikh Meshal Al-Ahmed Al-Sabah, expects revenues to drop to 18.2 billion dinars, while expenditures are set at 24.5 billion dinars.

Kuwait’s economy saw a 3 percent contraction in 2024 according to official data published in May, which also showed the contribution of non-oil sectors to GDP increased by 3.7 percent during the 12-month period.

Despite the forecasted full-year deficit, Kuwait posted a surplus of 150.4 million dinars during the first half of the 2024-2025 fiscal year, according to Ministry of Finance data published in November. The surplus was driven by higher revenues and reduced spending.