Tokyo stocks open higher as Japan exits recession

Tokyo stocks open higher as Japan exits recession
People look at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, Nov. 12, 2020. Stocks fell back across Asia on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher. (AP Photo/Eugene Hoshiko)
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Updated 16 November 2020

Tokyo stocks open higher as Japan exits recession

Tokyo stocks open higher as Japan exits recession
  • Japan’s economy exited recession in the third quarter

TOKYO: Tokyo stocks opened higher on Monday supported by gains on Wall Street with investors digesting Japan’s third-quarter GDP figures, which showed an exit from recession.
The benchmark Nikkei 225 index was up 1.13 percent or 286.11 points at 25,671.98 in early trade, while the broader Topix index gained 1.16 percent or 19.80 points to 1,723.02.
“Japanese shares are seen gaining on rallies on US stocks, while investors are closely watching Japan’s GDP figures for the July-September quarter,” which were released 10 minutes before the opening bell, Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.
Japan’s economy exited recession in the third quarter, growing a better-than-expected 5.0 percent thanks to a rise in domestic demand and exports, government data showed Monday, as signs of recovery began to emerge after a record contraction.
Traders are also awaiting China’s industrial output and retail sales due later in the day, Kanayama added.
The dollar fetched 104.69 yen in early Asian trade, against 104.62 yen in New York late Friday.
Among major shares in Tokyo, business cycle-sensitive stocks and some exporters were higher, with chip-making equipment maker Tokyo Electron rallying 2.29 percent to 31,740 yen, Sony trading up 1.81 percent at 9,326 yen and Toyota up 1.35 percent at 7,415 yen.
On Wall Street, the Dow ended up 1.4 percent to close at 29,479.81.


Wafrah approves impeachment of board, audit committee

Wafrah approves impeachment of board, audit committee
Updated 17 January 2021

Wafrah approves impeachment of board, audit committee

Wafrah approves impeachment of board, audit committee
  • The decision came during the company’s ordinary general assembly meeting (OGM) held virtually through the Tadawulaty system on Jan. 14
  • the meeting elected the board of directors for three-year term starting Jan. 14

Wafrah for Industry & Development Co. approved the impeachment of the board of directors and audit committee, as applied for by shareholders in possession of 7.14 percent of the total shares of the company, the firm said in a bourse filing today, Jan. 17.

The decision came during the company’s ordinary general assembly meeting (OGM) held virtually through the Tadawulaty system on Thursday, Jan. 14, 2021.

Additionally, the meeting elected the board of directors for three-year term starting Jan. 14, 2021. The members elected include Ayad Abdulrahman Mohammed Al-Bunyan, Mohammed Abdulrazaq Aboud Al-Baghdadi, Faisal Mohammed Abdulaziz Al-Khudairi, Mohammed Saud Abdalla Al-Samari, Faisal Abdalla Mohammed Al-Qahtani, Mohammed Yagoub Yossif Al-Mukhadab, and Mohammed Hindi Shujaa Al-Otaibi.

In July 2020, Wafrah said it received a letter from shareholders, owning around 7.14 percent of capital, requesting to take regulatory measures with regards to the dismissal of the current board of directors and the appointment of a new one, Argaam reported.

The company had also received a letter from shareholders, owning around 7.14 percent of the company’s capital, requesting dismissal of the current audit committee and its restructuring.