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.


Pompeo says China is engaging in ‘predatory economics 101’

Would China have allowed America to do to it what China has done to America asked US Secretary of State Mike Pompeo. (AP)
Updated 18 June 2018
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Pompeo says China is engaging in ‘predatory economics 101’

  • He said China’s recent claims of “openness and globalization” are “a joke.”

DETROIT: China is engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property, Secretary of State Mike Pompeo told a business audience Monday.
Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.
He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the US market.
“Everyone knows ... China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”
“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
“I reminded him that’s not fair competition,” Pompeo said.
President Donald Trump has announced a 25 percent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.
Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”
Pompeo on Monday described US actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.
“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”