Market cap surges to SR 1.54 trillion

Updated 13 July 2013
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Market cap surges to SR 1.54 trillion

Despite closing lower for three days during the week, Saudi Arabia's benchmark Tadawul All-Share Index (TASI) dug in at 7,690.38 and finished the week up over 21 points or 0.28 percent from its previous weekend close at 7,668.58 points. Its weekly trading range narrowed to 66 points as compared to previous week's 206 points.
On year-to-date basis, the index showed a collection of 889.2 points or 13.07 percent.
Total market capitalization of Saudi stock exchange reached to SR1.54 trillion, an increase of 0.61 percent as compared to previous week’s value. The market cap indices closed the week in mixed territories.
Sectoral performance remained positive, as 10 out of Tadawul’s 15 sectors finished to the upside, accumulating an aggregate of 777 points in a week. Hotel & Tourism continued to dominate the performance among sectoral indices, reflecting an increment of 308.9 points or 2.6 percent for the entire week to close at 12,250.81. Telecom and Real Estate sectors followed it, moving up 1.7 percent for the week.
On the negative side, Media and Publishing sector continued its downward fall, slipping 2.15 percent last week. Again Saudi Printing & Packaging Company posting largest losses of 8.94 percent became the major decliner at Tadawul.
Saudi Arabia Fertilizers Co. (SAFCO), SABB and Saudi Telecom Co. showed a tremendous performance among big players, surging by 6.61 percent, 2.34 percent and 2.24 percent respectively.
Weekly Market breadth with advance-decline ratio of 0.9:1 remained slightly negative.
Jabal Omar Development Company remained at top position among all Saudi equities, marching higher by 7.67 percent and closing the week at SR 30.9. The company has also been able to occupy the place at volume chart, liquidating 20.6 million shares and ranking fourth.
Market activity remained low last week; specifically 710.2 million shares worth SR 19.5 billion were poured into the market. This turnover reflects a weekly decrease of 15.1 percent on volume basis and 19.6 percent in terms of value.
But upside-downside volume ratio of 1.2:1 remained positive.
Alinma Bank continued to dominate the trading activity, liquidating roughly 72 million shares and capturing ten percent of the overall market volume. But the bank finished the week without any change.
Most of the major benchmark indices at GCC stock markets ended the week in green, with Dubai Financial Market rose 5.63 percent.
The benchmark GulfBase GCC General Index closed the week higher at 4,473.9 points level, adding 37.5 points or 0.84 percent for the entire week.


Abu Dhabi, Shanghai plan exchange focusing on China trade

Updated 24 April 2018
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Abu Dhabi, Shanghai plan exchange focusing on China trade

DUBAI: The emirate’s international financial center, has agreed in principle with the Shanghai Stock Exchange to cooperate in establishing an exchange focusing on China’s foreign trade and investment, ADGM said on Monday.
The partners signed a memorandum of understanding to develop the exchange in Abu Dhabi. It would cater to companies and investors involved in China’s Belt and Road initiative, a Beijing-backed drive to win trade and investment deals along routes linking China to Europe.
“At ADGM, we have the international platform to serve different kinds of enterprises and investors — global, regional and local — seeking exposure to the Middle East and North Africa and Belt and Road projects,” said Richard Teng, chief executive of ADGM’s Financial Services Regulatory Authority.
Teng said he could not give specifics of which instruments the new exchange would trade or when it might open, saying this would depend on demand among stakeholders in both ADGM and Shanghai.
Chinese financial institutions have approached ADGM to discuss the financial environment in Abu Dhabi and their development needs in the six-nation Gulf Cooperation Council (GCC), he added.
Trade and investment ties between China and the GCC have been growing rapidly. The region is a big oil supplier to China, and Sino-United Arab Emirates trade exceeded $46 billion in 2016, according to Beijing’s official Xinhua news agency.
Ultimately, the new exchange will support not only the Belt and Road initiative but also the internationalization of the Chinese yuan in the region, Teng said.
Abu Dhabi is trying to build up ADGM, which opened in October 2015 and is smaller than the international financial center in neighboring Dubai, as part of a drive to develop its economy beyond oil exports.