Tadawul declines below 7,000 points

Updated 27 February 2013
0

Tadawul declines below 7,000 points

After a period of five weeks, Saudi Arabia’s benchmark stock index passed through a lean session, shedding more than 54 points yesterday.
The index trimming back 7,000-mark earlier yesterday and then moving sideways for rest of the session, finally ended lower 0.77 percent to 6,988.19 points.
The TASI reduced its year-to-date gains to 187 points or 2.75 percent.
The market cap indices all finished to the downside.
All sector indices closed in red, dropping an aggregate of 671 points. Multi-Investment, Real Estate and Retail sectors were major decliners, falling 1.7 percent, 1.4 percent and 1.2 percent respectively. Banking sector also lost nearly 107 points to close at 15,296.24.
Most of heavyweights slipped from previous day’s level, with Kingdom Holding dipping by 1.96 percent, SABB 1.51 and the bellwether SABIC (Saudi Basic Industries Corp.) 1.35 percent. Only Riyad Bank showed a positive change, advancing 0.21 percent for the session.
Most active stocks also showed a negative change, with Saudi Mobile Telecommunications Co. (ZAIN) going down by 2.83 percent, Emaar the Economic City 2.58 percent and Alinma bank 1.85 percent.
The market breadth confirmed a bearish momentum, as out of 155 stocks traded yesterday only 22 were able to close higher.
Alalamiya Cooperative Insurance and Basic Chemical Industries led the top gainers chart at Tadawul, surging by 6.4 percent and 3.4 percent respectively.
Weqaya Takaful Insurance, on the other hand, suffered worst of all equities, showing a reduction of SR 2.1 or 4.68 percent to SR 42.8.


More Saudi sectors opened to foreign investment

The Cabinet amended the sectors excluded from foreign investment at the meeting chair by King Salman. (SPA)
Updated 24 October 2018
0

More Saudi sectors opened to foreign investment

  • The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate

RIYADH: Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.

The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.

The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.

Meanwhile, about 320 foreign institutions have registered as qualified foreign investors in the Saudi stock market, the exchange’s chairwoman told the Future Investment Initiative in Riyadh.

Sarah Al-Suhaimi, chairwoman of the Saudi Arabian stock exchange (Tadawul), said 200 more are expected to register.

Global index provider MSCI classified the Saudi equity market as an emerging market in June, a move expected to attract billions of dollars of passive funds.

Al-Suhaimi said she expected the number of qualified foreign investors to increase before and after the inclusion in the index, which is expected to happen in phases coinciding with index reviews in May and August 2019.