Media sector stays in limelight

Updated 25 February 2013
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Media sector stays in limelight

The Saudi stock market has been remained under pressure for the previous few sessions in a row as Investors attempted to build new positions by selling and accumulating the equities.
The Tadawul All-Share Index (TASI) continuing its sideways movement inched up to 7,043.65 points yesterday, adding couple of points merely.
It went 16.6 points above and 9.8 points below the break-even line during the day.
Among market cap indices only Med cap was able to close a little higher.
Five out of Tadawul's 15 sectors witnessed a positive change. Remaining twofold sectors closed in the downward territory, paring an aggregate of 124 points for the entire day.
Media and Publishing outdid rest of the sectors for the second consecutive day, surging 3.8 percent further and finishing near 3,000-mark. Agriculture & Food Industries followed it, advancing more than one percent.
On the other hand, Insurance sector continued its negative movement, declining roughly one percent to 1,232.23.
Most of heavy weights closed a bit lower with Kingdom Holding falling 1.2 percent and SABB 0.9 percent for the day. Al-Rajhi Bank, however, continued its positive movement, posting another 0.4 percent growth.
The market breadth with advance-decline ratio of 0.53:1 remained unfavorable.
Saudi Printing & Packaging Co. turned in a splendid performance among all Saudi stocks, soaring up 9.8 percent to close the day at SR 40.4.
Weqaya Takaful insurance also sustained an upward momentum for the fifth consecutive session, rising over four percent and ranking second.
Share trading activity remained high as compared to previous day; turnover went up by 33.5 percent on volume basis and 32.3 percent in terms of value.
More than 252.5 million shares worth SR 6.2 billion changed hands on the Saudi stock market.


Abu Dhabi, Shanghai plan exchange focusing on China trade

Updated 24 April 2018
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Abu Dhabi, Shanghai plan exchange focusing on China trade

DUBAI: The emirate’s international financial center, has agreed in principle with the Shanghai Stock Exchange to cooperate in establishing an exchange focusing on China’s foreign trade and investment, ADGM said on Monday.
The partners signed a memorandum of understanding to develop the exchange in Abu Dhabi. It would cater to companies and investors involved in China’s Belt and Road initiative, a Beijing-backed drive to win trade and investment deals along routes linking China to Europe.
“At ADGM, we have the international platform to serve different kinds of enterprises and investors — global, regional and local — seeking exposure to the Middle East and North Africa and Belt and Road projects,” said Richard Teng, chief executive of ADGM’s Financial Services Regulatory Authority.
Teng said he could not give specifics of which instruments the new exchange would trade or when it might open, saying this would depend on demand among stakeholders in both ADGM and Shanghai.
Chinese financial institutions have approached ADGM to discuss the financial environment in Abu Dhabi and their development needs in the six-nation Gulf Cooperation Council (GCC), he added.
Trade and investment ties between China and the GCC have been growing rapidly. The region is a big oil supplier to China, and Sino-United Arab Emirates trade exceeded $46 billion in 2016, according to Beijing’s official Xinhua news agency.
Ultimately, the new exchange will support not only the Belt and Road initiative but also the internationalization of the Chinese yuan in the region, Teng said.
Abu Dhabi is trying to build up ADGM, which opened in October 2015 and is smaller than the international financial center in neighboring Dubai, as part of a drive to develop its economy beyond oil exports.