Saudi stocks flat as traders remain cautious: Opening bell

Saudi stocks flat as traders remain cautious: Opening bell
Both the main index, TASI, and the parallel market, Nomu, were flat at 12,247 and 22,363, respectively in early trading
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Updated 24 May 2022

Saudi stocks flat as traders remain cautious: Opening bell

Saudi stocks flat as traders remain cautious: Opening bell

RIYADH: The Saudi stock market opened flat in early trade on Tuesday morning as traders remained cautious.

Both the main index, TASI, and the parallel market, Nomu, were flat at 12,247 and 22,363, respectively, as of 10:09 a.m. Saudi Arabia.

The shares of Amana Cooperative Insurance Co. gained 7.08 percent, leading the gainers in the market.

Al Moammar Information Systems Co. fell 6.12 percent to lead the laggards, after the firm has reported a 50 percent drop in quarterly profit.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 0.89 percent.

Both L'azurde Co. for Jewelry and Kingdom Holding Co. gained 0.24 percent and 1.65 percent, respectively, as they reported profits for the first quarter of 2022.

The Alhokair Group rose 0.75 percent after reporting its losses narrowed by 48 percent in the first quarter.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 0.33 percent, while the Saudi National Bank gained 1.03 percent.

From the pharma sector, Aldawaa Medical Services Co. fell 0.26 percent, while Nahdi Medical Co. opened unchanged.

The energy market saw Brent crude trade at $112.03 a barrel and US West Texas Intermediate crude reached $108.96 a barrel, as of 10:09 a.m. Saudi time


TASI rises on fall in commodity prices, easing inflation fears: Closing bell

TASI rises on fall in commodity prices, easing inflation fears: Closing bell
Updated 12 sec ago

TASI rises on fall in commodity prices, easing inflation fears: Closing bell

TASI rises on fall in commodity prices, easing inflation fears: Closing bell

RIYADH: Saudi stocks regained some of its momentum on Tuesday, as commodity prices fell, which eased concerns about inflation.

The main index, TASI, gained 2.13 percent to 11,671, while the parallel market, Nomu, added 0.55 percent to 20,358.

This was led by a 3.32 percent increase in the Saudi oil giant Aramco and a 3.43 percent leap in one of the Kingdom’s biggest lenders, Saudi National Bank.

Both pharma giants Nahdi Medical Co. and Aldawaa Medical Services Co. saw their share prices rise by 2.02 percent and 0.60 percent, respectively.

In the telecom sector, stc shares climbed 2.06 percent, while Zain KSA shares climbed 1.19 percent.

Abdullah Al Othaim Markets Co. was also among the gainers, posting 5.85 percent gain.

Bawan Co. gained 5.32 percent, after reporting it intends to buy back up to 3 million shares to keep them as treasury shares.

Retal Urban Development Co. edged up 0.33 percent, following the announcement of a 62 percent rise in profit for the first quarter of 2022.

IT firms Elm Co. and Al Moammar both declined by 0.24 percent and 1.95 percent, respectively.

Brent crude settled at $116.73 a barrel and US West Texas Intermediate reached $110.84 a barrel, as of 3:30 p.m. Saudi time.


Dubai-based NFT platform UPYO raises $1m in seed funding round

Dubai-based NFT platform UPYO raises $1m in seed funding round
Updated 10 min 15 sec ago

Dubai-based NFT platform UPYO raises $1m in seed funding round

Dubai-based NFT platform UPYO raises $1m in seed funding round

RIYADH: Dubai-based Non-Fungible Token platform UPYO has secured $1 million in a seed funding round led by angel investors.

The platform will use its acquired funding to launch a service providing the Arab region with a market to trade NFTs, according to MAGNiTT.

“The NFT market in Saudi Arabia and the MENA (Middle East and North Africa) region is still nascent. People are still discovering the NFT experience. So, we wanted to be their gateway to this amazing digital economy,” co-founder of UPYO, Ahmed Alsenan, said in a statement.

The company’s vision is to educate and empower the digital economy through their platform as well as spread awareness about the Metaverse.

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Travel bookings in Saudi Arabia exceed pre-pandemic levels by 28% in June

Travel bookings in Saudi Arabia exceed pre-pandemic levels by 28% in June
Updated 28 min 22 sec ago

Travel bookings in Saudi Arabia exceed pre-pandemic levels by 28% in June

Travel bookings in Saudi Arabia exceed pre-pandemic levels by 28% in June

RIYADH: Travel bookings in Saudi Arabia exceeded pre-pandemic levels by 28 percent in June as compared to the same month in 2019, according to Almosafer.

The Kingdom’s omni-channel travel brand said the growth in booking shows a strong appetite for consumer travel as demand increased with the ease of pandemic restrictions across the world. 

Almosafer’s Saudi Summer Travel Trends showed that travelers from the Kingdom opt to book stays at luxury accommodation with five-star hotels accounting for almost 50 percent of hotel bookings this summer.

Average order values for bookings increased by 66 percent for hotels and 19 percent for flights, compared to the summer travel season in 2019. 

According to the report, domestic tourism rose by 7 percent as locals continued to explore the Kingdom’s attractions. Abha, the capital of Asir region, witnessed a rise of 125 percent in bookings compared to summer 2019, it added. 

Dubai, London, Cairo, Paris and Sharm El Sheikh remained the most popular international destinations for Saudi travelers. 

The report said bookings for London increased by 133 percent compared to summer 2019, driven by the introduction of the electronic visa waiver for Saudi nationals on June 1, 2022. 

In terms of top-trending destinations, with the announcement of the exemption of Saudi nationals from entry visas to visit Thailand on June 7, the country is now one of the most sought after destinations for international travel.

“Confidence in travel has been fully restored as we experience unprecedented demand for consumer travel,”  Muzzammil Ahussain, executive vice president of Almosafer, said. 


China In-Focus — Asian giant issues new oil import quotas for private refineries; Sinopec produces first biojet fuel

China In-Focus — Asian giant issues new oil import quotas for private refineries; Sinopec produces first biojet fuel
Updated 34 min 12 sec ago

China In-Focus — Asian giant issues new oil import quotas for private refineries; Sinopec produces first biojet fuel

China In-Focus — Asian giant issues new oil import quotas for private refineries; Sinopec produces first biojet fuel

BEIJING: China has issued 52.66 million tons of crude oil import quotas to non-state refiners in a second batch of allotments for 2022, up 49 percent from the same slot last year, four people with knowledge of the matter said.

The new allowances bring China’s total non-state import quotas to 161.69 million tons so far this year, compared to 157.83 million tons during the same period of 2021.

Thirty-six refiners have been granted the quotas, with mega-refinery Zhengjiang Petroleum and Chemical Corp. and Hengli Petrochemical receiving the most, at 10 million tons and 6 million tons respectively.

Sinopec produces first biojet fuel at east China refinery

China’s Sinopec Corp. produced its first aviation fuel from used cooking oil at an industrial-scale facility in east China, the state refining giant said on Tuesday.

The biojet facility, built in Sinopec Zhenhai Refining and Chemical Co. and able to process 100,000 tons of used cooking oil or “gut oil” each year, paves the way for Sinopec to start commercial manufacturing of the biofuel.

Biojet fuel cuts the emission of carbon dioxide by more than half over the whole lifecycle, Sinopec added.

Sinopec began developing the fuel in 2009 and in 2014 won the country’s first airworthiness certificate for the fuel.

The International Energy Agency predicted in late 2021 that global biojet demand could range between 2 to 6 billion liters by 2026, up from around 0.1 billion liters.

PetroChina may sell Australian, Canadian assets to stem losses

PetroChina may sell out from natural gas projects in Australia and oil sands in Canada to stem losses and divert funds to more lucrative sites in the Middle East, Africa and central Asia, Reuters reported quoting two people familiar with the matter.

PetroChina’s plan follows a similar strategic shift by smaller state peer CNOOC Ltd., which was preparing to exit its operations in Britain, Canada and the US because of concerns the assets could become subject to Western sanctions.

The sales follow an internal review of PetroChina’s global portfolio that began last year, the two sources said, declining to be named as the discussions are not public.

Unlike CNOOC’s sales, PetroChina’s divestitures are driven more by the assets’ disappointing economics than any fear of US sanctions as it does not own any oil and gas assets in the US, though political strains with Australia and Canada also played a part, they said.

The state oil and gas major hopes to sell some of these assets, which have incurred billions of dollars of losses and are in areas where the company cannot easily compete, in the next two years, the sources said.

“Australian gas assets — both Arrow Energy and Browse — are considered among the top ‘negative assets’ in PetroChina’s global portfolio. It’s also an area where CNPC has little competitive edge,” said one of the sources.

 

(With input from Reuters) 


Saudi BNPL platform Tamara expands to UAE

Saudi BNPL platform Tamara expands to UAE
Updated 36 min 55 sec ago

Saudi BNPL platform Tamara expands to UAE

Saudi BNPL platform Tamara expands to UAE

RIYADH: Saudi-based buy-now-pay-later platform, Tamara, is set to launch its services in the UAE, according to a report.

The expansion comes after a research conducted by Tamara’s main investor, Checkout.com, indicated that the UAE BNPL usage will increase by up to 31 percent in the next 12 months, Jawlah reported.

Users in the UAE will be able to enjoy paying in installments with zero interest in stores like Namshi, Shein, Styli, and Swarovski.