Market cap falls to SR 1.44 trillion

Updated 18 January 2013
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Market cap falls to SR 1.44 trillion

Saudi Arabia's benchmark stock index reflecting a 3-day fall during the week, closed at 7,036.33 points last week, trimming 90.38 points or 1.27 percent for the entire week. Its weekly trading range narrowed to 182.06 points as compared to previous week's 196.33 points. TASI's year-to-date gains reached to 235 points or 3.46 percent.
The market capitalization of Saudi stock exchange reached to SR 1.44 trillion, decreasing by 1.34 percent from the previous week's value.
The market cap indices all showed a negative change for the week.
Most of the major sectors fell last week, trimming 774 points collectively. The Insurance and Telecom sectors performed worst, going down by 3.7 percent and 3.2 percent respectively.
Hotel & Tourism outdid rest of the sectors, advancing 4.4 percent to close the week at 7,975.58. Transport was another sector which managed for a weekly gain, moving up by 2.14 percent.
Decliners outnumbered the advancers by a margin of 107 to 40 and the prices of 9 companies remained unchanged for the week. Furthermore, upside-downside volume ratio of 0.5:1 remained negative.
Al-Tayyar Travel Group showed a tremendous performance among all Saudi stocks, topping the weekly gainer chart with 9.19 percent positive change, closing at SR 74.25.
On the other side of the spectrum, Amana Cooperative Insurance suffered the greatest amount of damages, turning down 30.65 percent for the week. ACE Arabia Cooperative Insurance followed it, declining more than 12 percent last week.
Tadawul weekly turnover went down by 23.1 percent in terms of volume and 11 percent in terms of value. More than 986.9 million shares worth SR 28.2 billion changed hands on the Saudi stock market.
Weekly volume chart was led by Alinma Bank with trades of over 139 million shares. While, Dallah Healthcare Holding Company occupied the first position in term of value, reflecting a turnover of SR 4.6 billion.
Seven out of top 10 heavy weights went down for the week, with Saudi Telecom Co. dipping by 5.87 percent, Al-Rajhi Bank 2.11 percent and Mobily 2.07 percent. On the positive side, SABB and Samba Financial Group closed the week a little higher, increasing by 1.6 percent and 1.1 percent respectively.
Most of the major benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week slightly lower at 4,047.57 points level, losing 24.83 points or 0.61 percent for the entire week.


Kobe Steel posts first profit in three years despite data fraud scandal

Updated 1 min 57 sec ago
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Kobe Steel posts first profit in three years despite data fraud scandal

TOKYO: Kobe Steel, Japan’s third-biggest steelmaker, on Friday posted its first annual profit in three years, even after admitting to falsifying quality data, a scandal that affected hundreds of customers and hit Japan’s manufacturing prowess.
Kobe Steel reported profit of ¥63.19 billion for the year ended March 31, against a loss of ¥23.05 billion a year earlier.
The result was above its own forecast of ¥45 billion and an estimate of ¥49.56 billion among seven analysts surveyed by Thomson Reuters.
The company predicted a ¥45 billion profit for the year to March 2019, compared with a mean profit forecast of ¥44.62 billion from six analysts.
Kobe Steel, which supplies steel and aluminum parts to manufacturers of cars, planes and trains around the world, admitted to supplying products with falsified specifications to more than 600 customers and admitted the data fraud has been going on for nearly five decades.