Agriculture, transport sectors dominate trading
Agriculture, transport sectors dominate trading
Despite an upward jump of nearly hundred points after the opening bell, the Tadawul All-Share Index (TASI) finished with a nominal gain 0.02 percent, closing at 7,635.66.
Nine out of Tadawul's 15 sectors ended the day in green territory, accumulating 171 points collectively. Remaining six sectors lost an aggregate of 186.8 points for the day. Sectoral performance was dominated by Agriculture and Transport sectors, offsetting their performance by more than one percent positive-negative change.
Top ten heavyweights closed the day in mixed territories, showing small changes from previous day's level. Market leader SABIC (Saudi Basic Industries Corp.) with half percent upward jump remained prominent among large caps.
Advancing stocks outnumbered decliners by a margin of 71 to 59 and the prices of 27 companies remained unchanged.
Saudi Arabian Cooperative Insurance (+8.51 percent) and Al Babtain Power & Telecommunication (+5.86 percent) showing notable gains became the top performers among all Saudi companies.
On the other hand, Share price of Saudi Transport and Investment Company dived to a maximum decline of 10 percent, closing the day at SR44.1.
Market activity remained roughly 22 percent lower than previous level. More than 162 million shares worth SR4.0 billion changed hands on the Saudi stock market. The 50-day average for trading volume is closer to 205.5 million shares.
Trading activity was led by Dar Alarkan Real Estate Development, which liquidated more than twenty million shares, a relative market share of 12.6 percent. But the company went downward, declining 1.09 percent and closing below its par value.
While, Aljazira Takaful Taawuni Company continued its most liquid status, pumping a liquidity of SR344.6 million.
Saudi Arabia has lion’s share of regional philanthropy
- Kingdom is home to three quarters of region's foundations
- Combined asets of global foundations is $1.5 trillion
Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.
The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.
That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.
While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report.
Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.
A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.
In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.
Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.
As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.
Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.
Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.
Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”
This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.
The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.