Tadawul fluctuates in narrow range

Updated 06 March 2013
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Tadawul fluctuates in narrow range

Saudi Stocks showed narrow fluctuations yesterday, as the Tadawul index with a negative change of 3.32 points remained almost flat, closing at 6,953.21.
The Tadawul All-Share Index (TASI) wavering in the green-red within a range of 38 points, closed just below the break-even line trimming a nominal 0.05 percent.
Among market cap indices only Large cap went slightly downward.
Sectoral performance was positive, with eleven sectors accumulating an aggregate of 198 points.
Industrial Investment outdid rest of the sectors, advancing exactly one percent to close at 6,455.43. Insurance — the worst performing sector of previous day — also turned green, increasing by 0.94 percent and ranking second.
On the negative side, four sectors including Banks & Financial Services (-0.96 percent) — the biggest decliner of the day — went downward, paring an aggregate of 224 points.
Samba Financial Group outperformed among large market cap companies, rising 0.9 percent for the day. Al-Rajhi Bank, however, remained significant decliner, going down further 2.6 percent to SR 66.25.
There were 56 net advancing issues, a strong market breadth.
Salama Insurance and Bupa Arabia Insurance made the biggest jumps among all Saudi equities, marching higher by 9.9 percent and 9.2 percent respectively.
On the other hand, Saudi Indian Company for Co-operative Insurance (WAFA Insurance) — the best performing company of previous day — posted the largest losses this time, falling over three percent to SR 71.
Northern Region Cement remained the most active stock of the day. Its volume set sold about 20.9 million shares, which equates 15.5 percent of the overall market volume. The company with a liquidity of SR 458.5 million also topped the value chart, closing at SR 21.75.


German industry groups warn US on tariffs before Trump-Juncker meeting

Updated 22 July 2018
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German industry groups warn US on tariffs before Trump-Juncker meeting

  • Washington imposed tariffs on steel and aluminum imports from the EU, Canada and Mexico on June 1
  • Trump is threatening to extend them to EU cars and car parts

BERLIN: German industry groups warned on Sunday, before European Commission President Jean-Claude Juncker meets US President Donald Trump this week, that tariffs the United States has imposed or is threatening to introduce risk harming America itself.
Citing national security grounds, Washington imposed tariffs on steel and aluminum imports from the EU, Canada and Mexico on June 1 and Trump is threatening to extend them to EU cars and car parts. Juncker will discuss trade with Trump at a meeting on Wednesday.
“The tariffs under the guise of national security should be abolished,” Dieter Kempf, head of Germany’s BDI industry association said. Juncker should tell Trump that the United States would harm itself with tariffs on cars and car parts, he told Welt am Sonntag newspaper.
The German auto industry employed more than 118,000 people in the United States and 60 percent of what they produced was exported. “Europe should not let itself be blackmailed and should put in a confident appearance in the United States,” he added.
German Economy Minister Peter Altmaier told Deutschlandfunk radio on Sunday he hoped it was still possible to find a solution that was attractive to both sides. “For us, that means we stand by open markets and low tariffs,” he said
He said the possibility of US tariffs on EU cars was very serious and stressed that reductions in international tariffs in the last 40 years and the opening of markets had resulted in major benefits for citizens.
EU officials have tried to lower expectations about what Juncker can achieve, and played down suggestions that he will arrive in Washington with a novel plan to restore good relations.
Altmaier said it was difficult to estimate the impact of any US car tariffs on the German economy, but added: “Tariffs on aluminum and steel had a volume of just over six billion euros. In this case we would be talking about almost ten times that.”
He said he hoped job losses could be avoided but noted that trade between Europe and the United States made up around one third of total global trade.
“You can imagine that if we go down with a cold in the German-American or European-American relationship, many others around us will get pneumonia so it’s highly risky and that’s why we need to end this conflict as quickly as possible.”
Eric Schweitzer, president of the DIHK Chambers of Commerce, told Welt am Sonntag the German economy had for decades counted on open markets and a reliable global trading system but added: “Every day German companies feel the transatlantic rift getting wider.”