Tadawul: Tourism stocks stay in the limelight

Updated 25 May 2014
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Tadawul: Tourism stocks stay in the limelight

Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) ended its Sunday's trading up over 21 points, closing at 9,772.48.
Mid cap remained prominent among market cap indices. Only five out of Tadawul’s 15 sectors witnessed a negative change, dropping 428.4 points for the day. Remaining twofold sectors closed in the green territory, accumulating an aggregate of 619 points.
Hotel & Tourism sector advanced 306 points or 1.35 percent over the day, posting the biggest gains among all sectors.
On the other hand, Media and Publishing continued its downward fall, marking another dip of 6.44 percent. Tihama Advertising & Public Relations Company was among the top decliners, showing excessive losses of 9.96 percent.
Heavyweights closed in a mixed fashion, where Saudi Electricity rose 0.31 percent and SABB fell 0.71 percent. Market breadth with advance-decline ratio of 0.86:1 remained slightly negative.
Saudi Hotels & Resort Areas Co. and Methanol Chemicals Company showed the best performance among all Saudi stocks, appreciating by 5.95 percent and 5.42 percent respectively. City Cement shares raced to a new all-time high, closing at SR28.66.
Saudi Kayan Petrochemical Company was a key gainer among most active stocks, surging 3.13 percent and closing at SR16.77. Its 52.5 million shares worth SR867.4 million were liquidated into the market. This turnover reflects a relative market share of 13.6 percent on volume basis and 7.7 percent in terms of liquidity.
Tadawul volume set sold approximately 387 million shares, a decrease of 12.5 percent as compared to previous level. But the volume was greater than 50-day average by same percentage.
Equity turnover reached to SR11.2 billion, an increase of 8.5 percent over the 50-day average value.


Saudi Aramco aims to buy controlling stake in SABIC: Sources

Updated 23 July 2018
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Saudi Aramco aims to buy controlling stake in SABIC: Sources

  • Riyadh-listed SABIC, the world’s fourth-biggest petrochemicals firm, has a market capitalization of 385.2 billion Saudi riyals
  • The potential acquisition would affect the time frame of Aramco’s planned initial public offering set for later this year

DUBAI: Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly taking the entire 70 percent stake owned by Saudi Arabia’s sovereign wealth fund, two sources familiar with the matter told Reuters.
Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in Saudi Basic Industries Corp. (SABIC) from the Public Investment Fund, the kingdom’s top sovereign wealth fund.
Aramco’s initial thinking is to buy the full stake owned by the Public Investment Fund (PIF), but if that fails to materialize Aramco could end up with a stake in SABIC of more than 50 percent, making it a majority owner, the sources said.
No final decision has been made on the size of the stake as the discussions are still at a very early stage, they added.
Aramco declined to comment. The PIF did not respond to a Reuters request for comment.
Riyadh-listed SABIC, the world’s fourth-biggest petrochemicals firm, has a market capitalization of 385.2 billion Saudi riyals ($103 billion).
The potential acquisition would affect the time frame of Aramco’s planned initial public offering set for later this year, the state oil giant’s chief executive, Amin Nasser, said in a TV interview on Friday.
Aramco plans to boost investments in refining and petrochemicals to secure new markets and sees growth in chemicals as central to its downstream strategy to cut the risk of an oil demand slowdown.
Aramco plans to raise its refining capacity to between 8 million and 10 million barrels per day, from around 5 million bpd now, and double its petrochemicals production by 2030.
Aramco, the world’s largest oil producer, pumps around 10 million bpd of crude oil.