Media sector stays in limelight

Updated 25 December 2012
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Media sector stays in limelight

Saudi stocks hovered in small gains and losses yesterday, almost a repeat of previous day's flat performance which remained negative and the day ended in red. The Tadawul All-Share Index (TASI) lost 9.15 more points to close at 6,881.16. Its trading range expanded to 27.4 points as compared to previous day's 24.3 points.
Media and Publishing sector continued to dominate the performance at Tadawul for the second straight day, rising by 1.63 percent. Hotel & Tourism followed it, advancing 1.32 percent for the day.
Most of heavyweights slipped from previous day's level, with SABB dipping by 2.23 percent, Etihad Etisalat Co. (Mobily) 1.64 percent and Samba Financial Group 0.66 percent.
On the positive side, Saudi Telecom Co. continued to show the best performance for the second straight day, moving up 0.91 percent further.
The total number of falling stocks exceeded to the total number of rising stocks by a margin of 76 to 60 and the prices of 20 companies remained unchanged.
Amana Cooperative Insu-rance continued its upward march, surging 9.97 percent further to close at SR 184.75. An appreciation of nearly 30 percent in the value of Amana has been recorded in three consecutive days.
Alinma bank appeared to be the most active stock for the day. Its volume set sold about 22.3 million shares, which are about 12.7 percent of the overall market.


Oil theft ‘costing Libya over $750 mn annually’

Updated 1 min 41 sec ago
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Oil theft ‘costing Libya over $750 mn annually’

Tripoli: Fuel smuggling is costing Libya more than $750 million each year and harming its economy and society, the head of the National Oil Company in the conflict-riddled country said.
“The impact of fuel smuggling is destroying the fabric of the country,” NOC president Mustafa Sanalla said according to the text of a speech delivered on Wednesday at a conference on oil and fuel theft in Geneva.
“The fuel smugglers and thieves have permeated not only the militias which control much of Libya, but also the fuel distribution companies which are supposed to bring cheap fuel to Libyan citizens,” he said.
“The huge sums of money available from smuggling have corrupted large parts of Libyan society,” he added.
The backbone of the North African country’s economy, Libya’s oil sector collapsed in the wake of the 2011 NATO-backed uprising that toppled longtime dictator Muammar Qaddafi.
Before the revolt Libya, with estimated oil reserves of 48 billion barrels, used to produce 1.6 million barrels per day (bpd).
But output fell to less than 500,000 bpd between 2014 and 2016 due to violence around production facilities and export terminals as rival militias fought for control of Africa’s largest crude reserves.
No oil was exported from Libya’s main ports until September 2016 with the reopening of the Ras Lanuf terminal in the country’s so-called oil crescent.
The recovery of oil production and exports is key to restoring Libya’s moribund economy.
Sanalla urged Libya’s “friends, neighbors but above all the Libyan people themselves... to do everything they can... to eradicate the scourge of fuel theft and fuel smuggling.”