Market cap rises to SR 1.4 trillion

Updated 10 November 2012
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Market cap rises to SR 1.4 trillion

After two consecutive weeks of trading in sideways, the Tadawul All-Share Index (TASI) took a sharp uplift last week, advancing more than 2.2 percent. The index continued pacing its way higher throughout the week to close in the green at 6,941.97 points, up 150.93 points, from its previous weekend close at 6,791.04 points. It performed in a trading range of 177 points for the week.
On year-to-date basis, the TASI has achieved more than eight percent growth.
The market capitalization of Saudi stock exchange increased by 2.56 percent to SR 1.41 trillion, surpassing the previous week’s level of SR 1.37 trillion. All market cap indices finished weekly trading in the positive district.
Sectoral performance was tremendous, as 14 out of the 15 sectors closed in the upward territory, showing a collection of 1,754 points for the week. Multi-Investment turned in a splendid performance among sectoral indices, reflecting an increment of 220 points or 6.63 percent for the entire week to close at 3,538.28. Transport and Industrial Investment followed it, rising by 5 percent and 4.78 percent respectively. Only Energy & Utilities sector ended in red, trimming 139 point or 2.82 percent for the week.
Most of heavyweights marched higher from previous week’s level, with Kingdom Holding surging by 9.68 percent, SABB 7.43 percent and Samba Financial Group 6.82 percent.
The advancers easily outnumbered declining stocks on the Tadawul (market) last week as for 82 percent stocks that gained, 17 percent ended lower and 1 percent remained unchanged.
Insurance stocks continued to dominate the market performance, filling the top gainers chart consecutively. Solidarity Takaful outdid rest of its peers, moving up 22.15 percent to close the week at SR 35.3.
Tadawul weekly turnover improved further by 19.3 percent on value basis, 9.5 percent on volume basis and 6.24 percent in terms of executed transactions. More than 900 million shares worth SR 26.9 billion changed hands on the Saudi stock market. Furthermore, upside-downside volume ratio of 12.2:1 remained extremely strong.
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 3,948.13 points level, adding 51.51 points or 1.32 percent for the entire week.


Hyundai teams up with VW’s Audi to boost hydrogen cars

Updated 2 min 48 sec ago
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Hyundai teams up with VW’s Audi to boost hydrogen cars

LONDON: Hyundai agreed a deal with Audi on Wednesday to collaborate on hydrogen car technology, hoping to boost an energy segment that has lagged behind battery electric vehicles.
The South Korean firm wants to increase the uptake of hydrogen cars, which are propelled by electricity generated by fuel cells but have been held back by a lack of infrastructure and the push for battery electric vehicles by the likes of Tesla.
The pair will be able to access each other’s intellectual property and share components, including any new parts developed by Audi, which is responsible for hydrogen fuel cell technology in the Volkswagen Group, the world’s biggest car seller.
Hyundai hopes that the move will create greater demand for vehicles such as its ix35 model and bring down costs to make the technology profitable.
“We want to provide to our component suppliers more chance and we want to have competition between component suppliers,” Sae Hoon Kim, the head of Hyundai’s R&D fuel cell group, told Reuters in an interview in London.
“We also want to make them to have competition with other suppliers, and that competition will bring down the cost.”
Carmakers such as Toyota have touted the benefits of hydrogen vehicles, which take less time to refuel than the recharge times of battery electric cars, but are expensive and suffer from a lack of refueling stations.
Many carmakers are focusing on battery electric vehicles, which can take between half an hour and half a day to recharge, but are increasingly able to use a growing network of charging points.
Auto firms are teaming up to share the cost of developing greener technologies to replace combustion engines as regulators around the world crack down on emissions. GM and Honda have a partnership to jointly develop electric vehicles with hydrogen fuel cells that are expected to go on sale in 2020, while BMW is working with Toyota.
Kim said that a toughening of European Union carbon emission limits in 2025 would create a need for more hydrogen cars.
Hyundai sold 200 such models last year and expects to sell thousands this year, but Kim said profitability was still far off.
“100,000 or 300,000 vehicles per year per company, when that comes, I think we can make money,” he said.