TASI up 0.79%, SADR hits an all-time high: Closing Bell

TASI up 0.79%, SADR hits an all-time high: Closing Bell
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Updated 07 December 2021

TASI up 0.79%, SADR hits an all-time high: Closing Bell

TASI up 0.79%, SADR hits an all-time high: Closing Bell

15:49 Saudi Time: RIYADH: Saudi’s stock exchange recouped its Monday losses as omicron fears ease.

The main index TASI was up 0.79 percent to 11,108.2 points, while its parallel market Nomu rose 1.13 percent.

The TASI index was driven higher by Wafrah for Industry and Development Co., Saudi Advanced Industry Co., and Batic Investment and Logistics Co., which each rose by about 10 percent.

Sadr Logistics Co.'s share value also surged almost 10 percent to reach a record high of SR104.2 ($27.78).

Shares in Saudi’s biggest players Saudi Aramco, Al Rajhi Bank, and Saudi Basic Industries Corporation rose 0.14 percent, 1.46 percent, and 1.09 percent respectively.

Rabigh Refining and Petrochemical Co. was the biggest faller in the session, declining 7.08 percent.

Apart from Petro Rabigh, this session’s declines were trivial, with the second lowest-performer, Puba Arabia for Cooperative Insurance Co., down 1.46 percent. 

 

Tadawul up in early trading; BATIC, SADR leading: Market Open

10.43 Saudi time: RIYADH: Saudi’s Tadawul is seeing gains in early trading on Tuesday with its main benchmark index TASI up 0.8 percent and the parallel market Nomu up 1.4 percent.

The biggest gainers of the session are Batic Investments and Logistics Co, Sadr Logistics Co., and Amana Cooperative Insurance Co., all up almost 10 percent.

Saudi Enaya Cooperative Co. climbed 8.3 percent.

Wafrah for Industry and Development Co. surged by 6.5 percent.

Losses were very minor, with the lowest performer,  Etihad Atheeb Telecommunication Co., declining less than 1 percent.

Batic Investment and Logistics Co. announced the start date of its rights issue trading and new shares subscription period on Dec. 13. The period will end on Dec. 23.

Rabigh Refining and Petrochemical Co.’s board of directors recommended a 13.76 percent capital decrease from SR8.76 billion ($2.34 billion) to SR7.55 billion.

Al Maather REIT Fund extended its memorandum of understanding to acquire the Burjeel Hospital building in a deal worth 100 million dirhams ($27.23 million). According to a bourse filing, the deal has been extended to expire on Dec. 23, instead of Dec. 4.

 

Stock market trends to keep an eye on amidst volatility: Premarket

09:07 Saudi Time: RIYADH: Tadawul’s TASI and Nomu fell slightly following a three-day hike to close at 11021.07 points as clarity on COVID-19’s omicron variant risk remains lacking and cases rise.

Sadr Logistics Co. is currently trading at a record high of SR94.8 ($25.27), up nearly 44.5 percent in a week.

Saudi Electricity Co. has been the major contributor to the index’s gains lately. Its share price rose around 32 percent in the past two weeks, reaching SR37.1 in the last close.

A positive five-day performance took place in Wafrah for Industry and Development Co. where the share price jumped 30.7 percent.

The stock value of Saudi Vitrified Clay Pipes Co. surged 18.5 percent in a week.

Among stocks in the steep downtrend was Al Amana Cooperative Insurance Co. which slid 4.1 percent in the prior session, coming in second place after Banque Saudi Fransi which had the steepest fall of 2.3 percent in two days.

Saudi Aramco saw the sharpest fall in terms of market capitalization, falling SR40 billion, according to a bourse filing.

Dropping 5.7 percent in the past week, Saudi Enaya Cooperative Insurance Co. last closed at SR34.55.

Saudi Telecom Co., or stc, dragged down the Saudi index last trading session, coming on top of the lowest-performing stocks with a decline of 5.34 percent to SR110.

stc’s secondary share subscription period will be open for two days starting Dec.7 for retail tranche and is still ongoing for participating parties till Dec.9.

The price range has been set between SR100 and SR116 per share.

The Kingdom's Aramco signed a $15.5 billion gas pipeline deal with global consortium, led by BlackRock Real Assets, in an effort to align Aramco’s asset portfolio with its growth strategy.

Batic Investments and Logistics Co.’s shareholders approved to raise capital by 100 percent through a SR300 million rights issue.

Batic’s trading fluctuation limits will be based on a share price of SR24.46 as of Dec.7.
Growth Avenue Investment Co., Maharah Human Resources Co.’s subsidiary, signed an agreement to acquire an 85 percent equity stake in Alshifa Al-Arabiya Medical Co.
Ataa Educational Co. announced the appointment of Fahad bin Abdulaziz Al-Tuwaijry as the company’s chief executive officer effective Dec.14, following the resignation of Mr. Ibrahim bin Abdulkarem Al-Turki.

National Building and Marketing Co.’s subsidiary, Ajeej Steel Manufacturing Co. initiated trial operations to expand its production capacity by 40 percent annually.


General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president
Updated 12 sec ago

General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president

RIYADH: Automotive company General Motors Africa and Middle East, or GM AMEO, has appointed Sajed Sbeih to the role of vice president of strategy, product & operations at GM Europe. 

Sbeih was previously serving as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa, according to the company’s statement.

Currently named as GM AMEO chief financial officer, Albert Nazarian has been named as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa.

Also, Ajai Shankar, former finance director, is appointed as the company’s new chief financial officer.  

This comes in line with the company’s global growth strategy and efforts to support its vision of Zero Crashes, Zero Emissions and Zero Congestion.


Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets
Updated 15 min 3 sec ago

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, has done a lot to ensure the stability of the oil market, the Saudi Energy Minister has said.

Speaking at the Abu Dhabi Sustainability Week Summit on Monday, Prince Abdulaziz bin Salman emphasized the importance of a stable market, adding that the Kingdom enjoys good relationships with OPEC+ members.

OPEC+ has consistently resisted pressure from countries such as the US to raise oil production plans above the agreed rate of an extra 400,000 barrels a day.

Prince Abdulaziz also said that Saudi Arabia is engaging in many events globally with the aim of demonstrating the initiatives taken to boost sustainability.

In addition, while the energy sector faces some challenges in terms of technology, the minister said that young people are expected to welcome this with excitement as they try to satisfy their ambitions.


UAE seeks to capture 25% of the hydrogen market, energy minister says

UAE seeks to capture 25% of the hydrogen market, energy minister says
Updated 21 min 44 sec ago

UAE seeks to capture 25% of the hydrogen market, energy minister says

UAE seeks to capture 25% of the hydrogen market, energy minister says

The UAE aims to obtain a quarter of the global hydrogen market, the country’s energy minister said on Monday.

Speaking during the Abu Dhabi Sustainability Week Summit, Suhail Al Mazrouei said the UAE is in discussions with many countries who are interested in blue and green hydrogen.

The minister also talked up the importance of the circular economy, saying that adopting it makes sense commercially and helps in creating job opportunities in the country.

According to Al Mazrouei, the UAE is one of the leaders in the shift to this type of economy, which emphasizes the reuse, repair and recycling of existing materials and products as much as possible.


Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell

Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell
Getty Images
Updated 43 min 39 sec ago

Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell

Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell

RIYADH: Saudi Arabia’s main TASI index ended higher for the seventh straight session, buoyed by strong investor sentiment stifling any lingering omicron fears.

TASI advanced 0.5 percent to close at 12,166 points after starting the session with mild gains, while the parallel market Nomu edged down by 0.4 percent to 26,180 points.

Tadawul group, owner of the Saudi Exchange, led the gainers as it added 5.8 percent to reach SR160 ($45) — its highest closing value since listing.

This was supported by advances in the Kingdom’s utility provider ACWA POWER Co., its largest lender the Saudi National Bank, and oil giant Saudi Aramco, up 0.2, 1.4 and 0.4 percent, respectively.

ACWA POWER re-appointed Mohammad Abdullah Abunayyan as chairman of the board of directors for another three years.    

In the financial sector, Alinma bank was up 0.9 percent to a record high of SR27.9 and the Saudi British Bank, known as SABB, gained 1.9 percent.

Shares of Saudi franchise retailer Fawaz Abdulaziz Alhokair Co. surged 3.7 percent. 

Earlier, the retailer submitted a filing to the Capital Market Authority for capital decrease, followed by capital increase through rights issue of SR1 billion.

Saudi Pharmaceutical Industries and Medical Appliances Corp., or SPIMACO, was up 1.5 percent after it sealed a deal with Swiss-based Vifor Pharma to localize the production of an injection.

In the oil market, Brent crude was down to $85.7 per barrel after crossing $86 earlier in the morning, and US WTI crude oil reached $83,7 per barrel as of 3:37 p.m. Saudi time.


Egypt’s issuance of securities surge 44% to $17.8 bn in 2021

Egypt’s issuance of securities surge 44% to $17.8 bn in 2021
Getty Images
Updated 17 January 2022

Egypt’s issuance of securities surge 44% to $17.8 bn in 2021

Egypt’s issuance of securities surge 44% to $17.8 bn in 2021

Egypt saw issuances of securities worth 280 billion Egyptian pounds ($17.8 billion) in 2021, up by 44 percent from a year earlier, according to the country’s Financial Regulatory Authority.

Investments made by insurance companies also rose by 22.1 percent to 131.5 billion Egyptian pounds while mortgage financing soared by 138.2 percent to 8.1 billion Egyptian pounds, CNBC Arabia reported.

Data on the value of financial leasing contracts showed an increase of 35.5 percent to hit 79.8 billion Egyptian pounds in 2021.

In addition, the country had its first ever green bond issuance in 2021, valued at $100 million to aid in the move towards a green economy, according to Egypt Today.

Meanwhile, there were 3.5 million beneficiaries from the financing of micro, small and medium enterprises — which grew by 9.4 percent.