Tadawul index stays almost flat

Updated 27 January 2013
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Tadawul index stays almost flat

The contest between bulls and bears ended without any significant change at Saudi stock market yesterday, as Tadawul All-Share Index (TASI) closed just below the break-even line, trimming a couple of points or 0.02 percent to 7,023.74. The index traded within a narrow range of 25 points yesterday.
Saudi sector indices performed in a mixed fashion, with seven sectors accumulating an aggregate of 390 points and eight sectors paring 115 points jointly. Media and Publishing sector has been showing a volatile performance for the previous few days, flip-flopping in the top and worst positions consecutively. This time the sector rose roughly three percent to 3,120.79. Hotel & Tourism followed it, advancing 212 points or 2.7 percent for the day.
The market breadth with advance-decline ratio of 0.78:1 remained unfavorable.
Insurance stocks topped the gainer and loser charts at Tadawul. Al Alamiya for Cooperative Insurance outperformed among all Saudi equities, reflecting an increment of SR 5.50 or 9.95 percent to SR 60.75. Saudi Integrated Telecom and Tihama Advertising were other significant advancers which gained 9.7 percent for the day. Amana Cooperative Insurance, on the other hand, posted the largest losses for the fourth straight day, falling 9.70 percent further.
Major heavy weights closed slightly lower from previous day’s level, where Etihad Etisalat Co. (Mobily) dipping by one percent, Saudi Electricity Co. 0.37 percent and Al-Rajhi Bank 0.36 percent.
Tadawul equity turnover exceeded to SR 6 billion, a daily growth of 4.4 percent. Dallah Healthcare Holding Company with a turnover of SR 579.4 million topped the value chart on the Saudi stock market. The company also finished to the upside, gaining more than 3.2 percent, and ranking sixth.


Saudi issues new Islamic sukuk to finance budget

Updated 24 April 2018
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Saudi issues new Islamic sukuk to finance budget

RIYADH: Saudi Arabia said Tuesday it has completed the issuance of a new Islamic sukuk sale to help finance its budget deficit as the Kingdom accelerates borrowing despite rising oil prices.
The finance ministry’s debt management office said it raised $1.3 billion from the sale of sukuks in three tranches maturing in five, seven and 10 years.
This was the second sukuk sale this year following a $4.8-billion issue it completed last month.
Last week, the Kingdom also raised $11 billion in the sale of conventional bonds. In early March, it struck a deal to refinance a $10-billion loan and added another $6 billion to it.
The OPEC exporter has posted huge budget deficits since oil prices crashed about four years ago and resorted to the debt market to finance the shortfall.
It posted budget deficits totalling $260 billion since 2014 and is projecting a shortfall of $52 billion for this year, according to official figures.
The government debt level, both domestic and international, rose from 1.6 percent of gross domestic product in 2014 to 17.3 of GDP last year reaching $118 billion.
During the same period, the government has drawn down some $245 billion from its fiscal reserves.
Oil income made up more than 90 percent of public revenues before oil began to slide.