Market cap rises to SR 1.45 trillion

Updated 16 February 2013
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Market cap rises to SR 1.45 trillion

Saudi Arabia’s benchmark stock index turned green last week, recovering entirely from previous week’s losses and again crossing 7,000-points mark.
The TASI continued stepping its way higher throughout the week to close in the green at 7,062.98 points, up 80 points or 1.15 percent, from its previous weekend close at 6,982.89 points. It performed within a trading range of 88.6 points last week. On year-to-date basis, the index showed a collection of 262 points or 3.85 percent.
Total market capitalization of Saudi stock exchange increased to SR 1.45 trillion as compared to previous week’s value, an increase of 1.2 percent. Med cap outperformed among the market cap indices, posting a weekly growth of 1.7 percent.
All sectors extended weekly gains except Insurance, which pared 23.4 points or 1.86 percent to close at 1,232.38 levels. Wataniya Insurance, Gulf Union Insurance and Amana Cooperative Insurance were major decliners, going down by 16.4 percent, 7.3 percent and 7.2 percent respectively.
Remaining 14 sectors accumulated more than 1,183 points last week. Hotel & Tourism sector continued its upward march for the third consecutive week, surging over three percent to 9,259.1. Media and Real Estate sectors were other significant gainers, advancing 2.7 percent and 2.4 percent respectively.
Most of heavyweights marched higher from previous week’s level, with SABB rising by 6.33 percent, Kingdom Holding 3.41 percent and Saudi Arabia Fertilizers Co. (SAFCO) 3.14 percent.
Weekly market breadth remained favorable as the total number of rising stocks exceeded to the total number of falling stocks by a margin of 91 to 55 and the prices of 10 companies remained unchanged.
Allied Cooperative Insurance Group stepped up to occupy the top position at Tadawul, surging SR 9.0 or 15.6 percent further to SR 66.75. Tourism Enterprises Co. also continued to show a tremendous performance for the fifth straight week, marching higher by 13.6 percent further.
Investors continued to flow an optimal level of turnover; specifically, 1.1 billion shares worth SR 28 billion changed hands on the Saudi stock market last week. Furthermore, upside-downside volume ratio of 1.03:1 remained positive.
New player Northern Region Cement with trades over 268.8 million shares worth SR 6.3 billion remained as the most active stock of the week. But the company posted the largest weekly losses, falling 21.5 percent and closing at SR 21.2.
All benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week higher at 4,096.25 points level, adding 31.6 points or 0.78 percent for the entire week.


US unveils new veto threat against WTO rulings

Updated 23 June 2018
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US unveils new veto threat against WTO rulings

  • US tells WTO appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days
  • Trump, who has railed against the WTO judges in the past, threatens to levy a 20 percent import tax on European Union cars

GENEVA: The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days.
The statement by US Ambassador Dennis Shea threatened to erode a key element of trade enforcement at the 23-year-old WTO: binding dispute settlement, which is widely seen as a major bulwark against protectionism.
It came as US President Donald Trump, who has railed against the WTO judges in the past, threatened to levy a 20 percent import tax on European Union cars, the latest in an unprecedented campaign of threats and tariffs to punish US trading partners.
Shea told the WTO’s dispute settlement body that rulings by the WTO’s Appellate Body, effectively the supreme court of world trade, were invalid if they took too long. Rulings would no longer be governed by “reverse consensus,” whereby they are blocked only if all WTO members oppose them.
“The consequence of the Appellate Body choosing to breach (WTO dispute) rules and issue a report after the 90-day deadline would be that this report no longer qualifies as an Appellate Body report for purposes of the exceptional negative consensus adoption procedure,” Shea said, according to a copy of his remarks provided to Reuters.
An official who attended the meeting said other WTO members agreed that the Appellate Body should stick to the rules, but none supported Shea’s view that late rulings could be vetoed, and many expressed concern about his remarks.
Rulings are routinely late because, the WTO says, disputes are abundant and complex. Things have slowed further because Trump is blocking new judicial appointments, increasing the remaining judges’ already bulging workload.
At Friday’s meeting the United States maintained its opposition to the appointment of judges, effectively signalling a veto of one judge hoping for reappointment to the seven-seat bench in September.
Without him, the Appellate Body will only have three judges, the minimum required for every dispute, putting the system at severe risk of breakdown if any of the three judges cannot work on a case for legal or other reasons.
“Left unaddressed, these challenges can cripple, paralyze, or even extinguish the system,” chief judge Ujal Singh Bhatia said.
Sixty-six WTO member states are backing a petition that asks the United States to allow appointments to go ahead. On Friday, US ally Japan endorsed the petition for the first time, meaning that all the major users of the dispute system were united in opposition to Trump.