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.


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.