Petchem stocks gain strength
Petchem stocks gain strength
The Tadawul All-Share Index (TASI) continued pacing its way higher throughout the day to close in the green territory at 6,919.17, achieving 76.02 points for the session.
On a year-to-date basis, the index crossed a positive return of 500 points or 7.8 percent.
All market cap indices ended the day in the upward zone.
Ten out of Tadawul's 15 sectors ended the day with modest gains, accumulating an aggregate of 651 points.
Real Estate Development and Petrochemical Industries were major gainers among sectoral indices, which marginally increased by 2.43 percent and 1.98 percent respectively. Banking sector added considerable 174 points, up 1.16 percent.
There were 83 net advancing issues, a largely strong market breadth.
SABB and market leader SABIC (Saudi Basic Industries Corp.) remained at top among big players, surging by 3.04 percent and 2.24 percent respectively.
Saudi Integ-rated Telecom (ALMUTAKAMELA) turned in a splendid performance among all Saudi stocks, soaring up 9.87 percent to close the day at SR 26.7. The company with trades over 15.3 million shares also positioned itself among the most active stocks, and ranking second.
Share trading activity remained high as compared to previous day; turnover went up by 28.6 percent in terms of volume and 7.6 percent in terms of value.
EU gives Nestle a thumbs down in Kit Kat finger row
- Nestle has been locked in a decade-long battle with US rival Mondelez, maker of Cadbury chocolate, over the four-fingered wafer biscuit, which was first sold in 1935.
- The EU’s intellectual property office allowed Nestle in 2006 to trademark what the court calls the “three-dimensional shape of the ‘Kit Kat 4 fingers’ product.”
Luxembourg: The European Union’s top court should cancel Swiss food giant Nestle’s trademark for the shape of the Kit Kat chocolate bar, the court’s top adviser said Thursday.
Nestle has been locked in a decade-long battle with US rival Mondelez, maker of Cadbury chocolate, over the four-fingered wafer biscuit, which was first sold in 1935.
The EU’s intellectual property office allowed Nestle in 2006 to trademark what the court calls the “three-dimensional shape of the ‘Kit Kat 4 fingers’ product.”
Advocate General Melchior Wathelet said the European Court of Justice (ECJ) should dismiss an appeal by Nestle against a lower court’s 2016 decision to annul the trademark.
“Nestle did not adduce sufficient evidence to show that its trademark had acquired distinctive character,” Wathelet said.
He said the intellectual property office should now “re-examine” its decision.
The Luxembourg-based ECJ often, but not always, follows the advice of the advocate general, its senior legal adviser, when making its final judgment.
The food giant specifically failed to show that the Kit Kat shape was well enough known in Belgium, Ireland, Greece, Luxembourg and Portugal, relying instead on market data from other countries, he said.
The official also said the EU court should reject an appeal by Mondelez against part of the judgment, saying it was “manifestly inadmissible.”
Nestle has already lost a legal bid in Britain — currently an EU member state but set to leave next year — to trademark the Kit Kat shape.