TASI, Nomu set for a positive start to the trading week: Closing bell

TASI, Nomu set for a positive start to the trading week: Closing bell
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Updated 12 December 2021

TASI, Nomu set for a positive start to the trading week: Closing bell

TASI, Nomu set for a positive start to the trading week: Closing bell
  • Saudi’s Telecom Co., stc, and Hail Cement Co. were among the biggest losers

RIYADH: Awaiting the final budget allocation for 2022, Saudi’s stock exchange saw gains today with most of the stocks ending the session in positive territory. The level of gains was slight, but noteworthy amid plenty of stock market uncertainty.

Tadawul’s main and parallel indexes, TASI and Nomu, both closed this session higher, up 0.28 percent and 1.66 percent to 10,969.06 points and 23,986.86 points respectively.

All up almost 10 percent, the five highest performers of the day were Al Omran Industrial Trading, Wafrah for Industry, Development Works Food, National Gypsum, and Middle East Specialized Cables.

The top faller was Sadr Logistics, despite coming in the top five gainers for a week straight. The company’s share price was down 3.49 percent, partially shrugging off its consecutive gains.

Saudi’s Telecom Co., stc, saw significant losses, declining 2.73 percent to close at SR107 ($28.52). The stock hit a one-year low of SR103.2 intraday.

Finishing up as the biggest mover in terms of value and volume, stc slightly dragged the index down with approximately 121.3 million shares traded in today’s session.

TASI down 0.14% in early trading, SADR hits another all-time high: Opening Bell

RIYADH: Tadawul’s TASI fell slightly in morning trading, down 0.14 percent to 10923.48 points. Parallel market Nomu rose 0.43 percent to 23695.58 points.

The biggest moving stocks of the day so far were Development Works Food, National Gypsum Co, and Sadr Logistics, up 9.94 percent, 9.9 percent, and 7.14 percent respectively.

Shares of Sadr Logistics were trading at another all-time high of SR135 ($35.98) earlier.

Saudi’s Telecom Co., stc, and Hail Cement Co. were among the biggest losers, down 4.73 and 4.32 percent respectively.

stc witnessed 773 negotiated deals on its shares amounting to SR10.8 billion as of Dec.12.

Subscribers injected SR104.8 million into Maadaniyh’s rights issue, covering 86.73 percent of the total offered shares. The unsubscribed shares offering period will start on Dec.14 and end on Dec.15.

Yanbu Cement Co. announced a 10 percent cash dividend at SR1 per share for the second half of 2021.

Shareholders of Tourism Enterprise Co., shams, approved the board’s recommendation to reduce capital by 48.21 percent.

Moody’s maintained a stable outlook for Alrahji Company for Cooperative Insurance, assigning it an A3 rating.

9.33am Saudi time: A week ahead guide to brace for trading amid volatility: Tadawul premarket

RIYADH: Saudi Arabia’s stock market has taught investors to expect the unexpected during this volatile trading period, mainly caused by coronavirus’ new omicron strain.

Here is what you need to know before kicking off the trading week:

Saudi Tadawul’s main and parallel indexes, TASI and Nomu, closed the prior week at 10938.88 points and 23594.98 points respectively.

Within the six-day period ending Dec.9, TASl fell 1.83 percent while Nomu was up slightly by 0.08 percent.

The Kingdom’s second biggest initial public offering of the year after ACWA Power, amounting to $1 billion, Saudi Tadawul Holding Group soared almost 20 percent on debut.

The stock price of the group last closed at SR126 ($33.6), having registered the highest volume and value traded two days into listing on TASI.

Top performing stocks of the week were Sadr Logistics, Development Works Food, and Wafrah for Industry.

Sadr Logistics continued its six-day winning streak to end at an all-time high of SR126.

Shares of Development Works Food and Wafrah for Industry were up 21.08 percent and 18.44 percent respectively in six days.

The hike in Development Works Food followed the board’s recommendation on Dec. 9 to increase capital by SR216 million through a rights issue.

am Saudi Wafrah’s request to expand capital through a rights issue worth SR154.3 million is still pending the Capital Market Authority’s approval. The request was submitted on Dec. 1.

Petro Rabigh was the lowest-performing stock of the week, down 8.5 percent to SR21.2.

The fall in Petro Rabigh’s stock came after the company’s 13.76 percent capital decrease recommendation, which was announced on Dec. 6.

Here’s some latest market movements:

Arabian Shield Co. announced the approval of the proposed merger with Alahli Takaful Co. in addition to the approval to increase the company’s capital to SR638.5 million.

Meanwhile, having approved the merger, Alahli Takaful declared the start of creditors’ objection period on the merger deal as of Dec. 12.

Al Hammadi Co. announced the approval to distribute cash dividends of SR72 million for the year 2021, adding that interim dividends can be distributed on a semiannual or quarterly basis in 2022.

Jabal Omar Development Co. and Bank AlBilad signed a SR1 billion loan facility agreement.

Al Moammar Information Systems Co. acquired a SR220 million loan that complies with Islamic sharia.

Saudi’s Telecom Co., stc, set the final price of its secondary shares offering at SR100 per share.

Two of the Kingdom’s biggest insurance firms, Saudi Enaya and Amana announced the board of directors’ circular regarding their previously agreed-upon merger deal.

Post-merger ownership will be as follows: a majority stake of 55 percent for Saudi Enaya and the remaining 45 percent will be owned by Amana, as announced on Dec. 9.

Jahez International Company for Information Systems Technology set the price range of its IPO on Nomu between SR750 and SR850 per share.

The offering period will commence on Dec. 23 and end on Dec. 26.

Saudi Economic and Development Securities Co. increased its capital REIT fund’s asset value by nearly SR702 million via additional real estate units.

Ataa Educational Co. reported a 1247.4 percent increase in net profit after zakat and tax for the three-month period ending Oct. 31, 2021, in contrast to the corresponding period last year.

This came as the number of admitted students rose by 49 percent following the acquisition of other educational institutions.

The subscription period to Saudi Economic and Development Securities Co.’s capital REIT fund will start today, Dec. 12, and end on Dec. 16.

Batic Investment and Logistics Co.’s SR300 million rights issue trading will start on Dec. 13 and end on Dec. 23.


China In-Focus — Stocks rise; COVID-19 affects Beijing’s retail industry

China In-Focus — Stocks rise; COVID-19 affects Beijing’s retail industry
Updated 13 sec ago

China In-Focus — Stocks rise; COVID-19 affects Beijing’s retail industry

China In-Focus — Stocks rise; COVID-19 affects Beijing’s retail industry

BEIJING: Emerging market stocks jumped on Tuesday, helped by a rise in Chinese shares on hopes Beijing will ease its tech sector crackdown, while currencies inched up on weakness in the dollar and strong data from Central European economies.

MSCI’s index of emerging market stocks rose 2 percent, while its currencies counterpart added 0.5 percent.

Mainland China’s CSI300 Index gained 1.3 percent, while Hong Kong’s Hang Seng Index climbed 3.1 percent. 

Beijing’s retail, industry upended by COVID-19 restrictions

The economy of China’s capital Beijing took a hit in April as authorities wrestled with a new COVID-19 outbreak, telling residents to avoid going out or work from home and halting many businesses.

Retail sales in the city of nearly 22 million people, a key gauge of consumption, shrank 16.05 percent in April from a year earlier, according to Reuters calculations based on January-April data released by the city’s statistics bureau on Tuesday, outpacing the nation’s 11.1 percent contraction.

Industrial output fell 3.3 percent in the first four months, compared with a 7.2 percent growth in the first quarter, the biggest cumulative drop since July 2020. The city’s statistics bureau did not publish data for April or offer comparative figures.

Property sales in Beijing nosedived by 25.83 percent last month, further pummeling an already struggling sector, despite more policy easing steps aimed at reviving what has traditionally been a key pillar of China’s economy.

Fixed-asset investment grew 8.9 percent in the first four months, slower than the 10.3 percent gain in January-March.

China’s revenue from government land sales down

China’s government land sales revenue fell 29.8 percent in January-April from a year earlier to 1.5012 trillion yuan ($222.04 billion), finance ministry data showed on Tuesday, down from a 27.4 percent slump in the first quarter.

For April, revenue from government land sales fell 37.88 percent from a year earlier, the fastest pace since January-February 2020, according to Reuters calculations based on the ministry’s data.

That was sharply wider than a 22.84 percent fall in March.


Russian crude production plunges by nearly 9 percent in April, OPEC+ data shows

Russian crude production plunges by nearly 9 percent in April, OPEC+ data shows
Updated 11 min 25 sec ago

Russian crude production plunges by nearly 9 percent in April, OPEC+ data shows

Russian crude production plunges by nearly 9 percent in April, OPEC+ data shows

LONDON: Russian crude output fell by nearly 9 percent to 9.16 million barrels per day (bpd) compared with March levels, according to assessments by OPEC+ secondary sources, an internal report seen by Reuters on Tuesday showed.

This meant that Russia last month produced 1.28 million bpd below the levels required in an oil production cut agreement between the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+.

Overall, OPEC+ produced 2.6 million bpd below its targets in April, the data showed.


Dubai’s GII acquires 51% of Saudi Arabia’s Almeswak for $530m

Dubai’s GII acquires 51% of Saudi Arabia’s Almeswak for $530m
Updated 27 min 6 sec ago

Dubai’s GII acquires 51% of Saudi Arabia’s Almeswak for $530m

Dubai’s GII acquires 51% of Saudi Arabia’s Almeswak for $530m

RIYADH: Dubai-based Gulf Islamic Investments completed a $530 million deal to acquire 51 percent stake in Saudi care provider Almeswak Dental Clinics. 

GII said it will seek to list Almeswak on the Saudi stock exchange within the next three years, Gold Business reported. 

“This is a landmark transaction that reflects our capability and reach in the healthcare sector and the Saudi market,” said Mohammed Al-Hassan, GII co-founder.

GII, as the company is known, has acquired a majority stake in Almeswak Dental Clinics from Saudi private equity firm Jadwa Investment Co.

Almeswak, which Jadwa acquired in 2017, operates more than 80 centers across 20 cities in Saudi Arabia.

 


Saudi IT provider Arab Sea back to losses as rising costs bite

Saudi IT provider Arab Sea back to losses as rising costs bite
Updated 28 min 42 sec ago

Saudi IT provider Arab Sea back to losses as rising costs bite

Saudi IT provider Arab Sea back to losses as rising costs bite

RIYADH: Saudi-listed information technology provider Arab Sea Information Systems Co. has turned into losses of SR3.6 million ($0.96 million) in the first quarter.

The company had made SR75,071 in profit in the first quarter of last year even as its sales were slightly lower, according to a bourse filing.

The Riyadh-based firm is now back to losses after it had earlier returned to an annual profit of SR21.5 million as revenue almost doubled in 2021.

Arab Sea attributed the results to a rise in expenses due to higher wages and other cost components, in addition to the cost incurred from establishing its unit, Arab Sea Financial Co.


SABIC Agri-Nutrients to invest inside and outside Saudi Arabia: Chairman

SABIC Agri-Nutrients to invest inside and outside Saudi Arabia: Chairman
Updated 41 min 59 sec ago

SABIC Agri-Nutrients to invest inside and outside Saudi Arabia: Chairman

SABIC Agri-Nutrients to invest inside and outside Saudi Arabia: Chairman

RIYADH: SABIC Agri-Nutrients Co. plans to continue examining investment opportunities both inside and outside Saudi Arabia, Chairman Abdulrahman Shamsaddin told Argaam.

Through the investment plan, the company will establish projects related to the agricultural nutrients industry in order to support its growth strategy for fertilizers and nutrients.

Along with conforming to all relevant industry standards and laws, the chairman said the company will form a partnership with all its stakeholders locally and globally. This will be done to improve shareholder rights and boost the company’s workforce to maximize its assets and reach global audiences, according to the top official.  

SABIC Agri-Nutrients Co. profit soared to SR2.5 billion ($670 million) in the first quarter, compared to SR423 million in the same period a year ago, one of the highest quarterly profits.

Incorporated in 1965, SABIC is a half-owned subsidiary of chemical giant SABIC and a significant player within the fertilizer industry. It supplies customers throughout the Middle East, Far East, Africa, and the US.