Market cap declines to SR 1.44 trillion

Updated 23 February 2013
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Market cap declines to SR 1.44 trillion

Saudi Arabia’s benchmark stock index reflecting a 3-day fall during the week, closed at 7,034.74 points last week, trimming only 28.2 points or 0.4 percent for the entire week.
The index went 31 points above and 62 points below the break-even line during the week.
On an YTD basis, TASI registered a positive return of 233.5 points or 3.43 percent.
The market capitalization of Saudi stock exchange reached to SR 1.44 trillion, decreasing nearly half percent from the previous week’s value.
Only small cap indices moved upward slightly last week.
Sector indices performed in a mixed fashion, with six sectors accumulating an aggregate of 514 points and nine sectors paring 493 points collectively.
Hotel and Tourism sector maintained its upward momentum for the fourth consecutive week, surging over three hundred points or 3.3 percent to 9,566.22.
Transport was another significant gainer, advancing 2.54 percent for the week.
Insurance — the single declining sector of previous week — also turned green last week, rising 1.43 percent and ranking third.
Media and Publishing sector, on the contrary, posted the largest losses, tumbling 6.4 percent to close the week at 2,869.08.
Most of heavyweights ended lower last week, with Kingdom holding dipping by 2.83 percent, Saudi Arabia Fertilizers Co. (SAFCO) 1.12 percent and Mobily 1.01 percent.
On the positive side, SABB and Riyad Bank managed for a weekly gain, advancing 1.19 percent and 0.22 percent respectively.
Advances outnumbered the decliners by a margin of 79 to 70 and the prices of 7 companies remained unchanged.
Furthermore, upside-downside volume ratio of 1.5:1 remained positive.
Weqaya Insurance and Wafa Insurance made the biggest weekly jumps among all Saudi equities, posting a growth of 14.25 percent and 11.43 percent respectively.
Tadawul weekly volume improved further by 2.6 percent, liquidating more than 1.1 billion shares.
The volume chart was led by Northern Region Cement with trades of over 162.7 million shares, a relative market share of 15 percent.
Most of the major benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week higher at 4,101.56 points level, adding 5.3 points or 0.13 percent for the entire week.


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.