Tadawul stays almost unchanged
Tadawul stays almost unchanged
The Tadawul All-Share Index (TASI) wavering in the North-South within a range of 29 points, closed just below the break-even line losing a nominal 1.34 points or 0.02 percent.
All sectors performed in a mixed fashion, with seven sectors accumulating an aggregate of 147 points and eight sectors trimming 243 points collectively. One of the best performing sectors was Retail which rose to 51 points or 0.68 percent for the day.
The media and publishing sector changed its position from top performer of previous day to the worst performing sector of the day, down 3.86 percent. The sector shedding its entire gains of previous day closed at 2,778.62.
Five out of top 10 heavy weight stocks closed in the upward territory. Saudi Arabia Fertilizers Co. (SAFCO) and Kingdom Holding performed well relatively, achieving a daily growth of 1.4 percent and 1.23 percent respectively.
The market breadth was slightly negative, with 63 stocks witnessing advances and 70 others marking a decline.
Insurance companies led the top gainer and loser charts at Tadawul. Sanad Insu-rance and ACE Arabia Insu-rance made the biggest jumps among all Saudi companies, rising by 8.84 percent and 8.43 percent respectively. Sanad with trades over 6.3 million shares also positioned itself among the most active stocks, closing the day at SR 32 and ranking second.
On the contrary, Amana Cooperative Insurance suffered worst of all equities for the third straight day, showing a further reduction of SR 17.5 or 9.97 percent to close at SR 158.
US-China trade war to weigh on South Korean economy
- The South Korean economy is expected to grow 2.9 percent this year, lower than an earlier estimate of three percent
- The International Monetary Fund said this week the growing trade confrontation is the ‘greatest near-term threat to global growth’
SEOUL: South Korea’s finance minister warned that an all-out trade war between the US and China would have grim implications for the country, as he lowered this year’s growth outlook Wednesday.
The world’s 11th largest economy is expected to grow 2.9 percent this year, lower than an earlier estimate of three percent, Kim Dong-yeon said, citing slowing demand at home and abroad as well as rising unemployment.
The latest estimate is also lower than last year’s figures, when the export-reliant economy expanded 3.1 percent, and comes as the South’s top two trading partners China and the US engage in a bitter spat that has seen them impose hefty tariffs on billions of dollars in goods.
“The economic situation down the road does not seem to be bright,” Kim told reporters.
“The situation may get worse if anxiety in the international financial markets spreads due to the US-China trade dispute... and market and corporate sentiment does not improve,” he said.
Overseas shipments account for more than half of the South’s economy, with more than a quarter of exports shipped to China and about 12 percent to the US.
Kim vowed to “closely monitor international trade situations including the US-China trade row” and announced measures to encourage job creation and spur domestic spending.
US President Donald Trump has taken a confrontational “America First” stance on trade policy, imposing steep tariffs on steel and aluminum, which angered allies and prompted swift retaliation, as well as 25 percent duties on $34 billion of Chinese goods, with more on the way.
China has matched US tariffs dollar-for-dollar and threatened to take further measures, while US exports face retaliatory border taxes from Canada, Mexico and the European Union.
The International Monetary Fund said this week the growing trade confrontation is the “greatest near-term threat to global growth” and in the worst case could cut a half point off world GDP.