Bitcoin down more than 5% in 24 hours, Ethereum loses $4,000 levels

Bitcoin down more than 5% in 24 hours, Ethereum loses $4,000 levels
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Updated 19 November 2021

Bitcoin down more than 5% in 24 hours, Ethereum loses $4,000 levels

Bitcoin down more than 5% in 24 hours, Ethereum loses $4,000 levels

RIYADH: The cryptocurrency market is witnessing sharp declines in the past few hours, CNBC Arabia reported.

Bitcoin, the world's largest cryptocurrency, fell by more than 5 percent in the past 24 hours to trade near levels of $57,000, its lowest level since Oct. 13.

The Ethereum currency also fell by about 7 percent during the same period, losing value of around $4,000.

Ripple witnessed losses of more than $5 to trade near $1.04 levels, and Dogecoin also fell by 7 percent to trade near $0.22 levels.

Reasons behind those declines are unclear, CNBC said.

China's National Development and Reform Commission (NDRC) said during a press conference on Tuesday, it will continue to phase out cryptocurrency mining in the country.

Mining causes significant energy consumption and carbon emission, and has no active influence to lead industry development or scientific progress, NDRC spokeswoman Men Wei said.

Wei said that the Commission will focus on state-owned companies involved in cryptocurrency mining.

NDRC is considering imposing punitive electricity prices on those who engage in crypto-mining activities but pay a price for residential electricity, Wei added.

In America, the US Securities and Exchange Commission last week rejected VanEck's request to create a fund to trade on the spot prices of Bitcoin.


All you need to know before trading on Tadawul today

All you need to know before trading on Tadawul today
Updated 11 sec ago

All you need to know before trading on Tadawul today

All you need to know before trading on Tadawul today
  • The main index TASI closed 0.6 percent lower at 12,068 points, partially shrugging off gains from the past two weeks

RIYADH: Saudi Arabia’s stock exchange fell for a second consecutive day on Monday as cautious trading took over, and investors braced for more earnings announcements.

The main index TASI closed 0.6 percent lower at 12,068 points, partially shrugging off gains from the past two weeks. The parallel Nomu market slipped 0.5 percent to 25,573 points.

This was in line with other GCC stock exchanges, which were all down except for the Qatari bourse which saw a 0.3 percent rise in its QSI index.

Dubai’s DFMGI led the fallers as it registered losses amounting to 2 percent.

Bourses of Abu Dhabi, Bahrain, Oman, and Kuwait all edged down from 0.1 to 0.5 percent.

The Egyptian EGX30 index retreated 0.3 percent.

In energy trading, Brent crude oil reached $86.9 per barrel, and US benchmark WTI crude oil was at $83.8 per barrel as of 8:46 a.m. Saudi time.

Stock news

  • Riyadh-based Saudi Public Transport Co., also known as SAPTCO, sealed a SR57.5 million ($15 million) public transport deal with the authority of Saudi Arabia’s Madinah Region
  • Car rental firm Theeb Rent a Car has closed a SR27 million leasing agreement for four years with the Ministry of Human Resources and Social Development
  • Saudi petrochemical firm SABIC Agri-Nutrients has completed a SR1.2 billion partial acquisition in Dubai-based ETG Inputs Holdco LTD
  • Alandalus Property Co. has completed 70 percent of Al Jawharah Al Kubra project in Jeddah
  • Al Rajhi Capital, manager of Al Rajhi REIT Fund, has completed the extension of the limit on Shariah-compliant facilities granted to the fund by an amount of SR600 million
  • BinDawood Holding Co. is working with its legal advisor to compensate for the damages suffered because of the lawsuit filed against subsidiary Danube Co. for Foodstuffs and Commodities

Calendar

Jan. 25, 2022

End of East Pipes Integrated Co.’s initial public offering subscription

Saudia Dairy and Foodstuff Co., SADAFCO, to pay cash dividends at SR3 per share for the first half of its fiscal year

Jan. 27, 2022

End of Gas Arabian Services’ IPO book-building

End of Scientific and Medical Equipment House’s IPO book-building

Jan. 28, 2022

End of Elm Co.’s IPO book-building 

 


Chemicals sales soar as Saudi non-oil exports grow by 26%

Chemicals sales soar as Saudi non-oil exports grow by 26%
Updated 20 min 23 sec ago

Chemicals sales soar as Saudi non-oil exports grow by 26%

Chemicals sales soar as Saudi non-oil exports grow by 26%

RIYADH: Outgoing chemical shipments picked up pace significantly prompting the Saudi non-oil exports growth to hit an annual rate of 26.1 percent in November, according to data released by Gastat.

Exports of chemicals or allied industries expanded went up by 70.6 percent from a year ago and made up 34 percent of non-oil merchandise exports.

More to follow


Alandalus Property completes 70% of ‘The Village’ project in Jeddah

Alandalus Property completes 70% of ‘The Village’ project in Jeddah
Updated 29 min 8 sec ago

Alandalus Property completes 70% of ‘The Village’ project in Jeddah

Alandalus Property completes 70% of ‘The Village’ project in Jeddah

RIYADH: Alandalus Property Co. completed 70 percent of the Al Jawhara Al Kubra project in Jeddah, according to a bourse statement.

The company completed 100 percent of the structure and concrete works, 80 percent of facades, 70 percent of electromechanical works, and 65 percent of interior finishings, it said in a statement to the Saudi stock exchange.

The project is expected to complete in the second quarter of 2022, as per the latest report received from the developer partner. It will be operational in the third quarter of 2022, Alandalus said.

There is a change in the cost by SR22.34 million ($5.95 million), making the total cost including the land value SR895.34 million, the company said.

This is mainly due to an increase in the built-up area, the implementation of additional works in the entertainment area, and some other works on the site, according to Alandalus.

The project is named “The Village,” and the trade name for the owner company Al Jawhara Al Kubra Co. will not be changed.


Madinah public transport to be improved after $15m deal

Madinah public transport to be improved after $15m deal
Updated 30 min 56 sec ago

Madinah public transport to be improved after $15m deal

Madinah public transport to be improved after $15m deal
  • The Riyadh-based transport company, which operates local and international routes, signed the deal with the Madinah Region Development Authority

The Saudi Public Transport Co. has signed a public transport contract in Madinah with the city’s development authority, with a total value of SR57.5 million ($15.3 million)

The Riyadh-based transport company, which operates local and international routes, signed the deal with the Madinah Region Development Authority.

The contract is valid for five years, the company said in a bourse filing, and is expected to have a positive impact on the company’s revenues from the first half of 2022.


Egypt eyes up to 15% higher revenues to finance wage hikes

Egypt eyes up to 15% higher revenues to finance wage hikes
Updated 36 min 28 sec ago

Egypt eyes up to 15% higher revenues to finance wage hikes

Egypt eyes up to 15% higher revenues to finance wage hikes
  • Ahmed Kojak said higher revenues would help set aside provisions to improve workers’ wages

Egypt is planning to raise revenues by 13 to 15 percent in the 2022/23 fiscal year budget to fund wage hikes, the Deputy Minister of Finance for Financial Policies said.

Ahmed Kojak said higher revenues would help set aside provisions to improve workers’ wages, in addition to enhancing the country’s infrastructure and mitigating the government’s deficit, Al Arabiya has reported.

Egypt’s government targets to grow the economy by 5.7 percent in the 2022/23 fiscal year and to reduce the debt’s percentage of GDP to below 90 percent.

The Egyptian fiscal year starts from June and ends in July of the following year.

Previously, the Ministry of Finance raised its budget deficit forecast for the next fiscal year to 6.3 percent from an earlier 6.1 percent estimate and expected to make a primary surplus of 1.5 percent.

In other related developments, the North African country made a deficit of 3.9 percent as a share of GDP in the first half of the 2021/22 fiscal year. This is compared to 3.6 percent and 4.1 percent in the previous two years, Asharq reported, citing an interview with Mohamed Maait, the head of the Ministry of Finance.

Egypt is expected to make a primary surplus of 1.1 to 1.2 percent in the current fiscal year, reflecting the government’s ability to cover all of its expenses, excluding interest payments.

Looking at financing options, Maait said the country will issue samurai bonds – yen-denominated bonds issued in Tokyo by non-Japanese entities – before the end of June. The amount would be relatively small at $500 million or less.

Meanwhile, wheat prices could particularly hit the country’s finances with a value estimated at 12 billion pounds ($764 million) for the current fiscal year as poor weather conditions impacted the grain’s crops from different exporters. Additionally, Russia – which is usually the largest provider of wheat to Egypt – imposed taxes on exports to limit outgoing sales.

Egypt is the world’s largest importer of wheat, buying around 12.9 billion tons of the commodity for the government in 2020.