ACWA Power, SABIC, and Al-Rajhi Bank fuel TASI surge: Market wrap

ACWA Power, SABIC, and Al-Rajhi Bank fuel TASI surge: Market wrap
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Updated 13 October 2021

ACWA Power, SABIC, and Al-Rajhi Bank fuel TASI surge: Market wrap

ACWA Power, SABIC, and Al-Rajhi Bank fuel TASI surge: Market wrap

RIYADH: The Tadawul share index was up 82 points on Wednesday, or 0.7 percent, closing at 11,625 points.

Some 172.5 million of shares changed hands in 324,000 deals, with heavy trading in ACWA Power, SABIC, and Al-Rajhi Bank. 

SABIC shares surged by 2.8 percent with its highest close since September 2014, at the level of SR132.2 per share. 

This increase coincided with the rise in oil and petrochemical prices seen since the beginning of this year.

NCB and Ma'aden rose by 1 and 3.7 percent respectively, while Ma'aden recorded its highest closing since the listing.

The parallel stock market index Nomu closed up 312.85 points, at 23,425.60 points, with deals amounting to SR36 million. 

The biggest fallers were Sulaiman Al-Habib by 1.4 percent, which is the lowest closing in three months, Banque Saudi Fransi by 1.2 percent, and Bank Albilad and Acwa Power — which both fell by 1 percent. 

Al-Abdul Latif topped the list with gains, and Sarco also rose 7.8 percent after six sessions of decline.

 

 

 


UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy

UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy
Image: Shutterstock
Updated 19 sec ago

UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy

UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy

Britain’s competition regulator has told Facebook owner Meta Platforms to sell animated images platform Giphy after finding that the acquisition could harm social media users and UK advertisers, dealing a blow to the US-based tech giant.


The Competition and Markers Authority (CMA) said on Tuesday the decision was in line with provisional findings that Facebook’s acquisition of Giphy in May last year would reduce competition between social media platforms and in the display advertising market.


Facebook, recently rebranded as Meta Platforms, said it could appeal the CMA’s decision.


It is not the first time the CMA has intervened in a major merger. In February it said that Viagogo must sell part of Stubhub’s international business as their merger would reduce competition in the UK.


“The tie-up between Facebook and Giphy has already removed a potential challenger in the display advertising market,” said Stuart McIntosh, chair of the independent investigation on Facebook-Giphy for the CMA.


“By requiring Facebook to sell Giphy, we are protecting millions of social media users and promoting competition and innovation in digital advertising,” he added.


Facebook said it disagreed with the decision.


“We are reviewing the decision and considering all options, including appeal,” a spokesperson for Meta said in a statement.


The CMA in October fined the company about $70 million for breaching an order that was imposed during its investigation into the deal, having hinted in August that it may need Facebook to sell Giphy.


The CMA began a probe into the deal in January this year, and in April referred it to an in-depth investigation.


Facebook bought Giphy, a website for making and sharing animated images, or GIFs, reportedly for $400 million in May 2020 to integrate it with its photo-sharing app, Instagram. It has defended the deal and its proposals to the CMA over Giphy.


Another major provider of GIFs is Google’s Tenor.


The CMA has been actively looking into big tech’s monopoly.

Last week, Alphabet Inc’s Google pledged more restrictions on its use of data from its Chrome browser to address CMA’s concerns about plans to ban third-party cookies that advertisers use to track consumers.


The Financial Times first reported the CMA’s plans to block the Facebook-Giphy deal.


Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap

Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap
Updated 13 min 45 sec ago

Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap

Saudi retailer Alhokair sees stock rise 2.22 percent on Subway deal: Market wrap

RIYADH: The stock value of the leading financial retailer in Saudi Arabia, Fawaz Abdulaziz Alhokair Co., has risen after striking a new deal with the Subway global restaurants chain. 

The shares are up despite fears around the new strain of COVID-19, adding to the optimism of Saudi’s financial market amid the collapse of other stocks. 

The retailer company’s share price rose by 2.22 percent as of 12noon, Riyadh time, on Tuesday.

However, other stocks in the Saudi Exchange continue to decline with the rise of omicron.

Saudi’s main stock index, Tadawul All Share Index, was down by 1.54 percent to 10,644.32 points since the market opened.

SABIC petrochemical shares declined by 2.70 percent, contributing further to the market fall.

Spichem and Chemanol were among the lowest-performing stocks.

Top gainers included Amana Insurance and Enaya, increasing by 3.45 percent and 2.30 percent respectively.

Despite the market decline, Saudi’s parallel market Nomu is up by 0.06 percent.

 


Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years

Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years
Image: Shutterstock
Updated 48 min 44 sec ago

Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years

Papa John's to open more than 100 new restaurants in Saudi Arabia over the next five years
  • Saudi Arabia's food and beverage market has grown since the launch of Vision 2030

CAIRO: PJP Investment Group has announced its partnership with Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years, according to a statement. 

PJP, which specializes in food and beverages and is wholly owned by Levant Capital, opened the first four new outlets in Riyadh on Tuesday, October 26 in Sulaimaniyah, Al-Nouzha, Al-Malqa and Qurtubah.

"Our plan is to open more than 100 restaurants in the next 10 years." said Tapan Vaidya, CEO of PJP Investment Group.  

Saudi Arabia's food and beverage market has grown since the launch of Vision 2030, making it the leading market for quick-service restaurants and giving them the opportunity to grow their global presence by opening new branches in the Kingdom. 

 "It's an amazing opportunity to develop the Papa John's brand in Saudi Arabia and contribute to the Kingdom's Vision 2030." Vaidya also said


China’s largest crypto exchange chooses Singapore as Asian base

China’s largest crypto exchange chooses Singapore as Asian base
Updated 30 November 2021

China’s largest crypto exchange chooses Singapore as Asian base

China’s largest crypto exchange chooses Singapore as Asian base

RIYADH: Huobi Group, the operator of China’s largest crypto exchange, has chosen Singapore as its regional headquarters while deciding on another location in Europe.

Singapore has become the new base for the company after it recently shifted its focus outside its home city of Beijing, co-founder Du Jun told Bloomberg News.

The company plans to set up another regional headquarters in France or the UK in 2023, Jun added.

Huobi, which was founded in China in 2013, said it will offload all Chinese users by the end of this year.

Southeast Asia is an attractive market where the number of trading users quadrupled over the past month, Jun said.


Jordan to begin oil exploration in two areas in February, energy minister says

Jordan to begin oil exploration in two areas in February, energy minister says
Image: Shutterstock
Updated 30 November 2021

Jordan to begin oil exploration in two areas in February, energy minister says

Jordan to begin oil exploration in two areas in February, energy minister says

Jordan will begin oil exploration in two areas, Al-Jafr and Al-Sarhan, in February, the country's energy minister Saleh Al-Kharabsheh said on Tuesday, as reported by Jordan state television.


A detailed study is currently underway to consider drilling three medium-depth wells at the Al-Jafr site, the minister added, which will be conducted in cooperation with Jordan's National Petroleum Company.