Saudi stocks rise after Eid holiday
Saudi stocks rise after Eid holiday
The TASI spending most of the session in the red territory and within a range of 36 points finally crossed the break-even line, adding 9.77 points or 0.14 percent.
Micro cap with 1.86 percent upward jump remained prominent among market cap indices.
Sectoral performance was positive, with ten sectors accumulating an aggregate of 550 points. Insurance came out as the key performing sector, rising by 3.4 percent to close at 1,491.03.
Hotel & Tourism and Transport sectors followed it, moving up by 2.82 percent and 2.58 percent respectively.
Six out of top ten market cap companies ended the day in green.
Etihad Etisalat Co. (Mobily) and Saudi Arabian Mining Company performed well relatively, achieving a growth of 1.03 percent and 0.62 percent respectively.
However, Al-Rajhi Bank and Riyad Bank slipped 0.7 percent to close at SR 69.75 and SR 22.9 respectively.
Market breadth was positive, whereby 94 symbols closed in green and 42 closed in red, while 19 remained unchanged.
Wataniya Insurance Company continued its upward march, surging 10 percent further to close at SR 137.5. An appreciation of nearly 40 percent in the value of Wataniya has been recorded in four consecutive trading days.
Dar Al-Arkan Real Estate continued to dominate the trading activity at Tadawul.
Roughly 25 million shares of the company were liquidated yesterday, which reflected a 16.8 percent relative market share.
Airbus warns could leave Britain if no Brexit deal
- Industry analysts say Airbus would be unlikely to pull out of the UK abruptly because of long lead times and waiting lists for its planes
- Airbus, which makes wings for all its passenger jets in the UK, said that leaving both the EU’s single market and customs union immediately
PARIS: European aviation giant Airbus warned Thursday it could be forced to pull out of the UK if Britain leaves the European Union without a deal.
In a Brexit risk assessment, Airbus said Britain withdrawing from the EU without a deal “would lead to severe disruption and interruption of UK production.”
“This scenario would force Airbus to reconsider its investments in the UK, and its long-term footprint in the country, severely undermining UK efforts to keep a competitive and innovative aerospace industry, developing high value jobs and competences,” it warned.
“Put simply, a no deal scenario directly threatens Airbus’ future in the UK,” Tom Williams, chief operating officer of Airbus Commercial Aircraft, said in a statement.
In its risk assessment, Airbus said under a “no deal” scenario, delays and disruptions to its production could cost it up to one billion euros ($1.2 billion) a week in lost turnover.
It said a no-deal Brexit “would be catastrophic” for the aviation group.
Airbus employs 14,000 people at more than 25 sites in Britain, where it manufactures the wings of its aircraft.
“In any scenario, Brexit has severe negative consequences for the UK aerospace industry and Airbus in particular,” Williams said.
“While Airbus understands that the political process must go on, as a responsible business we require immediate details on the pragmatic steps that should be taken to operate competitively,” he said.
“Without these, Airbus believes that the impacts on our UK operations could be significant. We have sought to highlight our concerns over the past 12 months, without success.”
On the future trade relationship between Britain and the EU, Airbus said the current transition period, which runs until December 2020, “is too short for the EU and UK Governments to agree the outstanding issues, and too short for Airbus to implement the required changes with its extensive supply chain.”
“In this scenario, Airbus would carefully monitor any new investments in the UK and refrain from extending the UK suppliers/partners base.”
Britain is due to leave the European Union in March 2019 but continue the current trading arrangements during the transition phase to December 2020 to give time for the two sides to agree the terms of a new partnership.