Tadawul index advances slightly

Updated 26 December 2012
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Tadawul index advances slightly

The Saudi stock market bucked the three-day downward trend and turned green yesterday, adding couple of points merely.
The Tadawul All-Share Index (TASI) advanced a little from earlier levels to 6,866.71 points. The TASI spending most of the session in the red territory and within a range of 41.2 points finally crossed the break-even line, gaining a nominal 0.03 percent for the entire session.
Only Small cap among the market cap indices moved downward slightly.
Most of the major sectors closed in the green territory, accumulating an aggregate of nearly 266 points.
Transport showed the best performance among sectoral indices, rising 1.78 percent for the day. Media and Publishing sector also continued its upward march, showing an increment of 48 points or 1.58 percent.
On the negative side, six sectors closed the day lower, dropping 129 points yesterday. Insurance sector went downward for the second straight day, reflecting a further reduction of 1.57 percent.
Top ten market cap companies ended the day in a mixed fashion. The losses made by the Saudi Telecom (-0.91 percent) and Saudi Arabia Fertilizers Co. (-0.82 percent) being offset by rise in Kingdom Holding (+2.7 percent) and Saudi Arabian Mining Co. (+0.91 percent).
The market breadth with advance-decline ratio of 0.73:1 remained unfavorable.
Saudi Industrial Export Co. made the biggest jump among all Saudi equities, surging by 7.89 percent to close at SR 75.25.
The share trading activity remained roughly 15 percent lower than previous day. Specifically, 147.1 million shares worth SR 4.3 billion changed hands on the Saudi stock market.


OPEC oil ministers gather to discuss production increase

Updated 19 June 2018
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OPEC oil ministers gather to discuss production increase

  • Analysts expect the group to discuss an increase in production of about 1 million barrels a day
  • The officials were arriving in Vienna ahead of the official meeting Friday

VIENNA: The oil ministers of the OPEC cartel were gathering Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices.
The officials were arriving in Vienna ahead of the official meeting Friday, when they will also confer with Russia, a non-OPEC country that since late 2016 has cooperated with the cartel to limit production.
Analysts expect the group to discuss an increase in production of about 1 million barrels a day, ending the output cut agreed on in 2016.
The cut has since then pushed up the price of crude oil by about 50 percent. The US benchmark in May hit its highest level in three and half years, at $72.35 a barrel.
Upon arriving, the energy minister of the United Arab Emirates, Suhail Al Mazrouei, said: “It’s going to be hopefully a good meeting. We look forward to having this gathering with OPEC and non-OPEC.”
The 14 countries in the Organization of the Petroleum Exporting Countries make more money with higher prices, but are mindful of the fact that more expensive crude can encourage a shift to renewable resources and hurt demand.
“Consumers as well as businesses will be hoping that this week’s OPEC meeting succeeds in keeping a lid on prices, and in so doing calling a halt to a period which has seen a steady rise in fuel costs,” said Michael Hewson, chief market analyst at CMC Markets UK
The rise in the cost of oil has been a key factor in driving up consumer price inflation in major economies like the US and Europe in recent months.
Already US President Donald Trump has called on OPEC to cut production, tweeting in April and again this month that “OPEC is at it again” by allowing oil prices to rise.
Within OPEC, an increase in output will not affect all countries equally. While Saudi Arabia, the cartel’s biggest producer, is seen to be open to a rise in production, other countries cannot afford to do so. Those include Iran and Venezuela, whose industries are stymied either by international sanctions or domestic turmoil. Iran is a fierce regional rival to Saudi Arabia, meaning the OPEC deal could also influence the geopolitics in the Middle East.