Tadawul shows balmy gains

Updated 03 February 2013
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Tadawul shows balmy gains

The Saudi stock market sustained its upward march, closing the third consecutive day with balmy gains.
The Tadawul All-Share Index (TASI) ended higher at 7,057.59 points.
It added further 14.04 points or 0.20 percent and spiked above the previous closing at 7,043.55 levels.
Its trading range expanded to 37.1 points as compared to previous day’s 24.5 points.
The market cap indices all finished to the upside, with micro cap advancing 0.6 percent yesterday.
Sector indices performed in a mixed fashion, with eight sectors reflecting an accumulation of 319 points and six sectors shedding 121 points collectively.
However, the energy sector ended without any change yesterday.
Insurance showed the best performance among sectoral indices, rising 2.37 percent for the day. Hotel and tourism sector continued its upward march, marking another gain of 125.8 points or 1.44 percent.
It also reflected a year-to-date change (+22.2 percent) which is highest amongst all Saudi sectors.
Industrial Investment sector, on the other hand, posted the largest losses, falling more than one percent to 6,468.01.
Riyad Bank and Samba Financial Group came out as key gainers among heavyweight equities, moving up slightly 0.65 percent and 0.44 percent respectively.
Market breadth with advance-decline ratio of 2.2:1 remained strong.
Share price of Saudi United Cooperative Insurance rallied to a maximum growth of 10 percent, clinching the spot as top gainer amongst Saudi stocks. Saudi Integrated Telecom (Almutakamela) — the most active stock — followed it, jumping 9.66 percent to SR 26.10.


Oil theft ‘costing Libya over $750m annually’

Updated 22 min 42 sec ago
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Oil theft ‘costing Libya over $750m annually’

  • Libya’s oil sector collapsed in the wake of the 2011 NATO-backed uprising that toppled longtime dictator Muammar Qaddafi.
  • The recovery of oil production and exports is key to restoring Libya’s economy.

Tripoli: Fuel smuggling is costing Libya more than $750 million each year and harming its economy and society, the head of the National Oil Company in the conflict-riddled country said.
“The impact of fuel smuggling is destroying the fabric of the country,” NOC president Mustafa Sanalla said according to the text of a speech delivered on Wednesday at a conference on oil and fuel theft in Geneva.
“The fuel smugglers and thieves have permeated not only the militias which control much of Libya, but also the fuel distribution companies which are supposed to bring cheap fuel to Libyan citizens,” he said.
“The huge sums of money available from smuggling have corrupted large parts of Libyan society,” he added.
The backbone of the North African country’s economy, Libya’s oil sector collapsed in the wake of the 2011 NATO-backed uprising that toppled longtime dictator Muammar Qaddafi.
Before the revolt Libya, with estimated oil reserves of 48 billion barrels, used to produce 1.6 million barrels per day (bpd).
But output fell to less than 500,000 bpd between 2014 and 2016 due to violence around production facilities and export terminals as rival militias fought for control of Africa’s largest crude reserves.
No oil was exported from Libya’s main ports until September 2016 with the reopening of the Ras Lanuf terminal in the country’s so-called oil crescent.
The recovery of oil production and exports is key to restoring Libya’s moribund economy.
Sanalla urged Libya’s “friends, neighbors but above all the Libyan people themselves... to do everything they can... to eradicate the scourge of fuel theft and fuel smuggling.”