Saudi equity market cap falls to SR1.50 trillion in first half

Updated 05 July 2016
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Saudi equity market cap falls to SR1.50 trillion in first half

JEDDAH: The Saudi stock market fell in the first half of this year.

According to Tadawul Statistical Report, at the end of the first half of 2016, the Tadawul All-Share Index (TASI) closed at 6,499.88 points, down 2,587.01 points or 28.47 percent over the close of the same period of the previous year.
On an YTD basis TASI registered a negative decrease of 5.96 percent (411.88 points).
The report said highest close level for the index during the period was 6,952.22 point as on Jan. 3, 2016.
Total equity market capitalization at the end of the first half 2016 reached SR1.50 trillion ($401.16 billion), declined by 25.29 percent over the end of the 1st half of the previous year.
The total value of shares traded for the 1st half 2016 reached SR688.19 billion ($183.52 billion), dropped by 34.07 percent over the same period of the previous year.
The total number of traded shares reached 38.74 billion during the 1st half compared to 39.03 billion shares traded during the 1st half of the previous year, decreased by 0.74 percent.
The Tadawul report said total number of transactions executed during the 1st half 2016 reached 16.04 million compared to 17.85 million trades during the 1st half of the previous year, decreased by (10.14 percent.
Meanwhile, the total value of shares traded for the week ending June 30, 2016 amounted to SR21.71 billion, increasing by 40.60 percent over the previous week; while total stock market capitalization reached SR1.504 trillion at the end of this period, decreasing by 0.59 percent over the previous week.
The total value of shares purchased by Saudi investors during this period amounted to SR20.74 billion representing 95.52 percent of total buying activity, and sales of SR20.86 billion representing 96.08 percent of total selling activity. Total ownership of Saudi investors” stood at 93.24 percent of total market capitalization as of June 30, 2016, representing an increase of 0.01 percent from the previous week.
The total value of shares purchased by GCC investors during this period amounted to SR0.306 billion, representing 1.41 percent of total buying activity, and sales of SR0.260 billion, representing 1.20 percent of total selling activity. Total ownership of GCC investors stood at 2.56 percent of total market capitalization as of June 30, 2016, representing an increase of 0.0003 percent from the previous week.
The total value of shares purchased by foreign investors during this period amounted to SR0.666 billion representing 3.07 percent of total buying activity, and sales of SR0.592 billion representing 2.73 percent of total selling activity. Total ownership of foreign investors stood at 4.21 percent of total market capitalization as of June 30, 2016, representing a decrease of 0.01 percent from the previous week.


Apple Watch, FitBit could feel cost of US tariffs

Updated 20 July 2018
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Apple Watch, FitBit could feel cost of US tariffs

SAN FRANCISCO: The latest round of US tariffs on $200 billion of Chinese goods could hit the Apple Watch, health trackers, streaming music speakers and other accessories assembled in China, government rulings on tariffs show.
The rulings name Apple Inc’s watch, several Fitbit Inc. activity trackers and connected speakers from Sonos Inc. While consumer technology’s biggest sellers such as mobile phones and laptops so far have faced little danger of import duties, the rulings show that gadget makers are unlikely to be spared altogether and may have to consider price hikes on products that millions of consumers use every day.
The devices have all been determined by US Customs and Border Patrol officials to fall under an obscure subheading of data transmission machines in the sprawling list of US tariff codes. And that particular subheading is included in the more than 6,000 such codes in President Donald Trump’s most recent round of proposed tariffs released earlier this month.
That $200 billion list of tariffs is in a public comment period. But if the list goes into effect this fall, the products from Apple, Fitbit and Sonos could face a 10 percent tariff.
The specific products listed in customs rulings are the original Apple Watch; Fitbit’s Charge, Charge HR and Surge models; and Sonos’s Play:3, Play:5 and SUB speakers.
All three companies declined to comment on the proposed tariff list. But in its filing earlier this month to become a publicly traded company, Sonos said that “the imposition of tariffs and other trade barriers, as well as retaliatory trade measures, could require us to raise the prices of our products and harm our sales.”
The New York Times has reported that Trump told Apple CEO Tim Cook during a meeting in May that the US government would not levy tariffs on iPhones assembled in China, citing a person familiar with the meeting.
“The way the president has been using his trade authority, you have direct examples of him using his authority to target specific products and companies,” said Sage Chandler, vice president for international trade policy at the Consumer Technology Association.
The toll from tariffs on the gadget world’s smaller product lines could be significant. Sonos and Fitbit do not break out individual product sales, but collectively they had $2.6 billion in revenue last year. Bernstein analyst Toni Sacconaghi estimates that the Apple Watch alone will bring in $9.9 billion in sales this year, though that estimate includes sales outside the United States that the tariff would not touch.
It is possible that the products from Apple, Fitbit and Sonos no longer fall under tariff codes in the $200 billion list, trade experts said. The codes applied to specific products are only public knowledge because their makers asked regulators to rule on their proper classification. And some of the products have been replaced by newer models that could be classified differently.
But if companies have products whose tariff codes are on the list, they have three options, experts said: Advocate to get the code dropped from the list during the public comment period, apply for an exclusion once tariffs go into effect, or try to have their products classified under a different code not on the list.
The last option could prove difficult due to the thousands of codes covered, said one former US trade official.