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.


34 US states back Epic Games in anti-trust suit against Apple

34 US states back Epic Games in anti-trust suit against Apple
Updated 28 January 2022

34 US states back Epic Games in anti-trust suit against Apple

34 US states back Epic Games in anti-trust suit against Apple
  • Attorneys-general accuse Apple of stifling competition

OAKLAND, California: Apple Inc. is stifling competition through its mobile app store, attorneys general for 34 US states and the District of Columbia said on Thursday, as they appealed against a ruling that let the iPhone maker continue some restrictive practices.

While dozens of state attorneys general have filed recent antitrust lawsuits against other big tech companies, including Facebook owner Meta Platforms Inc. and Alphabet Inc’s Google, none had so far taken aim at Apple.
Thursday’s remarks, led by the state of Utah and joined by Colorado, Indiana, Texas and others, came in a lawsuit in an appeals court against app store fees and payment tools between “Fortnite” video game maker Epic Games and Apple.
“Apple’s conduct has harmed and is harming mobile app-developers and millions of citizens,” the states said.
“Meanwhile, Apple continues to monopolize app distribution and in-app payment solutions for iPhones, stifle competition, and amass supracompetitive profits within the almost trillion-dollar-a-year smartphone industry.”
The action comes after a US district judge in Oakland, California, mostly ruled against Epic last year.
That decision found that commissions of 15 percent to 30 percent which Apple charges some app makers for use of an in-app payment system the company forced on them did not violate antitrust law.
Epic challenged the ruling in the 9th US Circuit Court of Appeals. On Thursday, professors, activist groups and the states weighed in through court filings that described legal arguments in support.
Apple’s reply is expected in March. On Thursday, the company said it was optimistic that Epic’s challenge would fail.
The states said in their filing that the lower court erred by failing to adequately balance the pros and cons of Apple’s rules and also by deciding that a key antitrust law did not apply to non-negotiable contracts Apple makes developers sign.
“Paradoxically, firms with enough market power to unilaterally impose contracts would be protected from antitrust scrutiny — precisely the firms whose activities give the most cause for antitrust concern,” they said.

 


Apple’s holiday iPhone sales surge despite supply shortages

Apple’s holiday iPhone sales surge despite supply shortages
Updated 28 January 2022

Apple’s holiday iPhone sales surge despite supply shortages

Apple’s holiday iPhone sales surge despite supply shortages
  • Apple to report iPhone sales of $71.6 billion for the October-December period

SAN RAMON, California: Apple shook off supply shortages that have curtailed production of iPhones and other popular devices to deliver its most profitable holiday season yet.
The results posted Thursday for the final three months of 2021 help illustrate why Apple is looking even stronger at the tail end of the pandemic than when the crisis began two years ago.
At that point, Apple’s iPhone sales had been flagging as consumers began holding on to their older devices for longer periods. But now the Cupertino, California, company can’t seem to keep up with the steadily surging demand for a device that has become even more crucial in the burgeoning era of remote work.
Apple’s inability to fully satisfy the voracious appetite for iPhones stems from a pandemic-driven shortage of chips that’s affecting the production of everything from automobiles to medical devices.
But Apple so far has navigated the shortfalls better than most companies. That deft management enabled Apple to report iPhone sales of $71.6 billion for the October-December period, a 9 percent increase from the same time in the previous year.
Those sales gains would have likely been even more robust if Apple could have secured all the chips and other components needed to make iPhones. That problem plagued Apple’s July-September quarter when management estimated that supply shortages reduced its iPhone sales by about $6 billion. The company may address how supply shortages affected its performance in the most recent quarter during a conference call with analysts scheduled later Thursday.
Despite what drag the shortages caused, Apple still earned $34.63 billion, or $2.10 per share, a 20 increase from the same time in the previous year. Revenue climbed from the previous year by 11 percent to $123.95 billion.
Apple’s ongoing success help push the company’s market value above $3 trillion for the first time earlier this month. But its stock price has tumbled 13 percent since hitting that peak amid worries about a projected rise in interest rates aimed at dampening the torrid pace of inflation that has been fueled in part by supply shortages.
Its shares gained more than 3 percent in Thursday’s extended trading after the Apple’s fiscal first-quarter numbers came out.
The supply issues looming around Apple’s devices have magnified the importance of the company’s services division, which is fueled by commissions from digital transactions on iPhone apps, subscriptions to music and video streaming and repair plans.
The up to 30 percent commissions collects from apps distributed through Apple’s exclusive app store have become a focal point of a fierce legal battle that unfolded in a high-stakes trial year, as well as proposed reforms recently introduced in the US Senate that tear down the company’s barriers that prevent consumers from using alternative payment systems.
For now, though, the services division is still booming. Its revenue in the past quarter hit $19.52 billion, a 24 percent increase.
Apple is widely believed to be maneuvering toward another potentially huge money-making opportunity with the introduction of an augmented reality headset that would project digital images and information while its users interact with other physical objects and people. True to its secretive form, the company has never said it is working on that kind of technology.
But Apple CEO Tim Cook has openly shared his enthusiasm for the potential of augmented reality in public presentations, and analysts believe the long-rumored headset could finally roll out later this year — unless it’s delayed by supply shortages.


Lebanon’s finance minister says replacing central bank governor is not ‘wise’

Lebanon’s finance minister says replacing central bank governor is not ‘wise’
Updated 28 January 2022

Lebanon’s finance minister says replacing central bank governor is not ‘wise’

Lebanon’s finance minister says replacing central bank governor is not ‘wise’

BEIRUT: Lebanon’s finance minister said on Thursday replacing the central bank governor, Riad Salameh, today is not “wise.”
Finance Minister Youssef Khalil told local broadcaster MTV that nobody proposed removing the central bank governor, but “I do not imagine changing the central bank governor today is a wise matter.”
Salameh, who has support from several top politicians, is being probed in Lebanon and at least four European countries, with his role under close scrutiny since Lebanon’s economic collapse in 2019.
Salameh denies any wrongdoing during almost three decades leading the central bank.


Aramco CEO says energy transition not going smoothly: Reuters

Aramco CEO says energy transition not going smoothly: Reuters
Updated 27 January 2022

Aramco CEO says energy transition not going smoothly: Reuters

Aramco CEO says energy transition not going smoothly: Reuters

BEIRUT: Saudi Aramco CEO Amin Nasser said on Thursday that the energy transition “was not going smoothly,” pointing to a resurgence in demand for oil and gas as the global economy recovers while supplies lag on the back of falling investment, according to Reuters.

“We all agree that to move towards a sustainable energy future a smooth energy transition is absolutely essential but we must also consider the complexities and challenges to get there,” he told the B20 conference in Indonesia via video link.

“We have to acknowledge that the current transition is not going smoothly,” he said.

- Reuters


SNB board recommends dividends of over $1bn for the second half of 2021

SNB board recommends dividends of over $1bn for the second half of 2021
Updated 27 January 2022

SNB board recommends dividends of over $1bn for the second half of 2021

SNB board recommends dividends of over $1bn for the second half of 2021

RIYADH: Saudi National Bank, the Kingdom’s biggest lender, said its board has recommended cash dividends of SR4.03 billion ($1.1 billion), or 9 percent of capital, for the second half of 2021.

SNB’s shareholders will receive SR0.9 per share, with a total amount of 4.48 billion shares eligible for dividends, a bourse statement by the bank revealed.

This brings the annual dividend yield to 2.12 percent, based on a share price of SR73, given the bank paid out SR0.65 per share for the first half of the same year.

The distribution date is yet to be disclosed, according to the statement.