Market cap rises to SR1.38 trillion

Updated 14 December 2012
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Market cap rises to SR1.38 trillion

Saudi Arabia's benchmark stock index sustained its upward trend for the second consecutive week, adding more than 40 points further.
The Tadawul All-Share Index (TASI) ended the week in the green at 6,769.96 points, up 0.61 percent, from its previous weekend close at 6,729.19 points. However, its weekly trading range narrowed to 81.3 points as compared to previous week's 208.6 points.
On year-to-date basis, the index showed a collection of nearly 352.23 points or 5.49 percent.
Total market capitalization of Saudi stock exchange increased slightly to SR1.38 trillion as compared to previous week's SR 1.37 trillion, an increase of 0.67 percent. Furthermore, upside-downside volume ratio of 1.9:1 remained positive.
Sector indices at Saudi stock market ended the week with modest gains, as 12 out of 15 sectors marched higher.
Media and Publishing sector turned in a splendid performance among sectoral indices, reflecting an increment of 5.77 percent for the entire week to close at 2,961.14. Cement sector followed it, advancing 2.77 percent for the week.
Six out of top 10 heavyweights ended the week in green, with Saudi Arabia Fertilizers Co. (SAFCO) continued its upward march for the third consecutive week, rising by 5.50 percent to close the week at SR 158.25. On the contrary, Kingdom Holding suffered worst of all heavyweights, showing a reduction of SR 0.35 or 2.0 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 90 to 55 and the prices of 10 companies remained unchanged.
Allied Coop-erative Insurance Group made the biggest weekly jump among all Saudi equities, surging by 21.04 percent to close at SR 53.5. ACE Arabia Cooperative Insurance, on the other hand, delivered a largely negative performance for the second straight week, slipping 14.2 percent further.
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 to 3,881.82 points level, losing 6.05 points or 0.16 percent for the entire week.


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

Updated 5 min 41 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.