Saudi stocks suffer 30-point fall

Updated 19 February 2013

Saudi stocks suffer 30-point fall

The Saudi stock market continued its downward fall yesterday, closing the third straight day with mild losses.
The Tadawul All-Share Index (TASI) ended lower to 7,025.74, shedding 0.44 percent or 30.79 points for the entire day. It went to a maximum of 56 points down from the level of opening bell yesterday.
The market cap indices all finished to the downside.
Only three out of Tadawul’s 15 sectors witnessed a positive change, accumulating nearly 63 points.
Transport came out as the best performing sector, advancing by 0.77 percent to 5,174.56.
On the worst side, 12 sectors closed in the downward territory, paring an aggregate of 359 points.
The Media and Publishing sector continued its negative movement for the seventh consecutive day, going down 51.3 points or 1.75 percent further.
The Real Estate sector followed it, declining 1.5 percent for the day.
Most of heavy weights closed in red, with Saudi Electricity Co. (SECO) declining by 1.44 percent, Saudi Arabia Fertilizers Co. (SAFCO) and bellwether SABIC (Saudi Basic Industries Corp.) both by 0.81 percent.
However, Riyad Bank remained unharmed among large caps, moving up slightly 0.2 percent to SR 23.35.
The market breadth confirmed a bearish momentum, as out of 156 stocks traded yesterday only 38 were able to close higher.
New player Northern Region Cement made the biggest jump among all Saudi equities, surging by 9.87 percent to close the day at SR 22.8. Most of the trading was also concentrated in this company, which liquidated more than 28.4 million shares, a relative market share of 12.4 percent.
The value of these shares reached to SR607.1 million, which reflected roughly 10 percent of overall market liquidity.

Dubai’s Majid Al Futtaim to open 600 VOX cinema screens across Saudi Arabia over five years

Updated 2 min 32 sec ago

Dubai’s Majid Al Futtaim to open 600 VOX cinema screens across Saudi Arabia over five years

  • Biggest cinema rollout yet in Kingdom
  • Plan will create 3,000 jobs

Majid Al Futtaim (MAF), the UAE-based malls and leisure group, is to open 600 cinema screens in Saudi Arabia over the next five years to tap the booming entertainment market in the Kingdom.

The first cinema — a four-screen multiplex showing mainly “animation, family-friendly films and educational movies" — will open at Riyadh Park Mall in the capital in the coming days though MAF’s Vox Cinema’s brand, the company said.

Vox also announced that it is investing SR2 billion ($533 million) to open 600 further screens between now and 2023. This is the biggest cinema roll-out plan yet in Saudi Arabia, and will create 3,000 direct jobs, MAF said.

Through its partnership with 20th Century Fox, the distribution arm of Majid Al Futtaim Cinemas will also be exclusively distributing Fox content to all cinemas across Saudi Arabia.

In 2018, the company is planning to release anticipated hits including “The Darkest Minds,” “The Predator” and the James Cameron produced “Alita: Battle Angel,” the company added.

Alain Bejjani, chief executive of the Dubai-based company, said: “Majid Al Futtaim is proud to be one of the largest private sector investors in the Kingdom and Vision 2030, with an investment commitment now increasing to SR16 billion.”

In addition to cinemas, MAF is also building malls in the Kingdom and a version of the Ski Dubai indoor snow attraction.