Saudi stock market inches higher

Saudi stock market inches higher
Short Url
Updated 26 September 2021

Saudi stock market inches higher

Saudi stock market inches higher

RIYADH: The Tadawul All Share Index ended Sunday’s trading 0.73 percent higher with 82.29 points while the parallel market Nomu declined by 195.17 points or 0.78 percent.

Liquidity in Nomu amounted to about SR35 million whereas liquidity in the main market “TASI” remained around SR6 billion with 169.4 million shares traded, in 243,8000 deals.
Shares of 115 companies increased while stocks of 71 firms declined.

Twelve out of the 21 market sectors rose with basic materials up 2.5 percent, media and entertainment 1.7 percent, long-term and capital goods 0.9 percent.

While the remaining 9 sectors declined. Shares in the investment and finance sector dropped by 1.2 percent, communications 1 percent, and applications and technical services 0.8 percent.


Asian Livspace partners with Alsulaiman Group to enter Middle East market

Asian Livspace partners with Alsulaiman Group to enter Middle East market
Updated 15 sec ago

Asian Livspace partners with Alsulaiman Group to enter Middle East market

Asian Livspace partners with Alsulaiman Group to enter Middle East market

The Indian home interior platform, Livspace, has announced its expansion into the Middle East through a partnership with Alsulaiman Group, starting with Saudi Arabia. 

The two companies have invested about $50 million to fuel growth and expand in the segment across multiple markets in MENA.

Livspace delivers end-to-end execution of interior design and focuses on new mobile applications, AI, machine learning retail technology and visualization solutions for the home improvement industry. 

“This partnership with Livspace will allow us to expand the scope of the customer experience from the beginning of the design of the home to the end of implementation, in an innovative and unique experience to turn the dreams of homeowners into reality,” said Alsulaiman Group CEO Saud Alsulaiman.


Saudi Arabia’s Monshaat supports seven-month region-wide Arab startup contest 

Saudi Arabia’s Monshaat supports seven-month region-wide Arab startup contest 
Updated 35 min 51 sec ago

Saudi Arabia’s Monshaat supports seven-month region-wide Arab startup contest 

Saudi Arabia’s Monshaat supports seven-month region-wide Arab startup contest 
  • The partnership is in line with the authority’s “mission to support the growth and competitiveness of SMEs by incubating a supportive environment”

The General Authority for Small and Medium Enterprises, or Monshaat, has become the official government partner of the MIT Enterprise Forum’s Arab Startup Competition. 

The partnership is in line with the authority’s “mission to support the growth and competitiveness of SMEs by incubating a supportive environment,” it said in a statement. 

The seven-month competition, which includes regional roadshows and a final event in March, is organized by the Community Jameel and Bab Rizq Jameel.

“Previous collaborations between Monshaat and Community Jameel Saudi covered several areas, including developing the financing programs, supporting employment opportunities, and providing digital solutions for entrepreneurs,” deputy governor at Monshaat Saleh Althukair said. 

The series of road shows, held across the Kingdom and other major Arab cities, will end in November, and winners will be announced in March next year at a conference in Madinah.


OPEC+ won’t change its strategy: Saudi energy minister

OPEC+ won’t change its strategy: Saudi energy minister
Updated 38 min 27 sec ago

OPEC+ won’t change its strategy: Saudi energy minister

OPEC+ won’t change its strategy: Saudi energy minister
  • Prince Abdulaziz bin Salman stressed that there must be a regulator for the market, in an interview with Asharq. 

OPEC+ will not change its strategy and isn’t obliged to solve a problem it did not create, Asharq reported, citing the Saudi energy minister. 

Prince Abdulaziz bin Salman stressed that there must be a regulator for the market, in an interview with Asharq. 

The intergovernmental organization is raising daily oil production by 400,000 barrels per month and has been under pressure from countries including the US to increase supply after cuts last year due to the pandemic.


Greenhouse gas levels reach new record high: UN

Greenhouse gas levels reach new record high: UN
Getty Images
Updated 55 min 27 sec ago

Greenhouse gas levels reach new record high: UN

Greenhouse gas levels reach new record high: UN
  • The organisation said that as long as emissions continue, global temperatures will continue to rise

Greenhouse gas concentrations in the atmosphere reached new record levels last year, the United Nations said Monday in a stark warning ahead of the COP26 summit about worsening global warming.


The Greenhouse Gas Bulletin from the UN's World Meteorological Organization said the annual rate of increase last year was above the yearly average between 2011 and 2020 - and the trend continued in 2021.


The WMO said the economic slowdown caused by the Covid-19 pandemic triggered a temporary decline in new emissions, but had no discernible impact on the atmospheric levels of greenhouse gases and their growth rates.


The organisation said that as long as emissions continue, global temperatures will continue to rise.


And given the long life of carbon dioxide (CO2), the temperature level already observed will persist for several decades even if emissions are rapidly reduced to net zero.


COP26, the UN Climate Change Conference, is being held in Glasgow from October 31 to November 12.


"The Greenhouse Gas Bulletin contains a stark, scientific message for climate change negotiators at COP26," said WMO chief Petteri Taalas.


"At the current rate of increase in greenhouse gas concentrations, we will see a temperature increase by the end of this century far in excess of the Paris Agreement targets of 1.5 to two degrees Celsius above pre-industrial levels.


"We are way off track."


The report said that roughly half of the CO2 emitted by human activity remains in the atmosphere, with the other half ending up in the oceans and the land.


"The last time the Earth experienced a comparable concentration of CO2 was 3-5 million years ago, when the temperature was 2-3C warmer and sea level was 10-20 metres higher than now. But there weren't 7.8 billion people then," said Taalas.

The WMO said that with continued rising greenhouse gas emissions, alongside rising temperatures, the planet could also expect more weather extremes.


That includes intense heat and rainfall, ice melt, sea-level rise and ocean acidification - all of which will have far-reaching socio-economic impacts.


"We need to transform our commitment into action that will have an impact on the gases that drive climate change," said Taalas.


"We need to revisit our industrial, energy and transport systems and whole way of life. The needed changes are economically affordable and technically possible. There is no time to lose."


Euan Nisbet, from the University of London's Greenhouse Gas Group, compared greenhouse gas measurements to "skidding into a car crash".


"The disaster gets closer and closer but you can't stop it. You can clearly see the crash ahead, and all you can do is howl."


Arab National Bank profits fall: Market Wrap

Arab National Bank profits fall: Market Wrap
Updated 25 October 2021

Arab National Bank profits fall: Market Wrap

Arab National Bank profits fall: Market Wrap

The Tadawul All Share Index, TASI, was down 0.2 percent at 11,845 points in early trade today. 

Here’s a wrap of market movements as of 10:30am Riyadh time:

Arab National Bank profits declined 0.6 percent in the third quarter to SR665 million ($117 million). This fall was due to an increase in salaries, employee expenses and other general and administrative costs, the bank said in a filing.

On a quarterly basis, Arab Bank's net profit increased by 40.59 percent, compared to a net profit of about SR473 million in the second quarter of 2021.

Alinma Bank’s profits rose 15 percent in the third quarter to SR822.9 million ($219.4 million), compared to SR715 million in the third quarter of 2020.

On a quarterly basis, the company's profits increased in the third quarter by 3.9 percent, compared to profits of SR792 million in the second quarter of 2021.

Alarabia launched the retail subscription for 10 percent of its shares on Tuesday.

Saudi Arabian Mining Company, Maaden, returned to a net profit of SR3.1 billion ($830 million) in the first nine months of 2021.

Alkhorayef Water and Power Technologies Company’s board approved establishing a subsidiary company, along with France’s Veolia, to focus on water services in the Riyadh region.

Dr. Sulaiman Al Habib Medical Services Group’s two subsidiaries signed two contracts worth SR599.6 million ($159.9 million). 

SIECO signed a Memorandum of Understanding with the International Development Bank to support Saudi exports to Iraq.

Zahrat Al Waha’s net profit soared 65 percent to SR44.1 million ($11.8 million) for the first nine months of 2021.

Mobile Telecommunication Company Saudi Arabia (Zain Ksa) posted a 36 percent decline in profit in the first nine months of 2021.

Taleem REIT Fund distributed a 1.2 percent cash dividend for Q3 2021. 

CMA announced the approval of the public offering of the "Riyad Opportunities Fund".