TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell
As of Wednesday’s closing bell, TASI gained 2.34 percent to reach 12,588 (Getty)
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Updated 25 May 2022

TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell

RIYADH: Saudi Arabia’s main index closed higher today, boosted by optimism from investors as earnings season concluded on a positive note, after listed companies reported 73 percent profit growth in the first quarter.

As of Wednesday’s closing bell, TASI gained 2.34 percent to reach 12,588, while the parallel market, Nomu, slipped 1.04 percent to 22,020.

In the financial sector, Riyad Bank rose 8.25 percent to lead the gainers, while Rajhi and Alinma Bank climbed 3.18 percent and 5.40 percent, respectively.

Saudi Industrial Export Co. fell 5.48 percent to lead the laggards, despite leading the market in early trade.

Among the gainers on the list, Saudi Electricity Co. rose 6.22 percent, and Almarai Co. increased 6.01 percent.

Telecom giants stc and Zain KSA were both up by 0.77 percent and 0.93 percent respectively.

In the pharma sector, Aldawaa Medical Services Co. increased 1.04 percent, while Nahdi Medical Co. added 0.39 percent.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 2.12 percent.

On the energy market, Brent crude traded at $114.70 per barrel and West Texas Intermediate crude traded at $111.07 per barrel, as of 3:39 p.m. Saudi time.


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 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 2 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.


Siemens Energy working to turn green hydrogen into sustainable aviation fuel, says top official

Siemens Energy working to turn green hydrogen into sustainable aviation fuel, says top official
Updated 28 June 2022

Siemens Energy working to turn green hydrogen into sustainable aviation fuel, says top official

Siemens Energy working to turn green hydrogen into sustainable aviation fuel, says top official

RIYADH: Siemens Energy is working toward exploring the possibilities of converting green energy into sustainable aviation fuel, as the entire world moves toward achieving the goal of net-zero by 2050, said a top official.

While speaking at a virtual conference during the MEA Energy Week, Maria Ferraro, the chief financial officer of Siemens Energy, said: “It is important to commercialize the production of green hydrogen. We are now working together with our customers.” 

She also urged countries to remain well-positioned to move toward the common goal of decarbonization.

Ferraro added: “Everyone has a role to play. We need to ensure that no country is left behind.”

The official further noted that neither renewable energy nor the infrastructure surrounding it will be less expensive.


Commodities Update — Gold edges up; G7 leaders agree Russia gold import ban push; Wheat recovers from 4-month low

Commodities Update — Gold edges up; G7 leaders agree Russia gold import ban push; Wheat recovers from 4-month low
Updated 28 June 2022

Commodities Update — Gold edges up; G7 leaders agree Russia gold import ban push; Wheat recovers from 4-month low

Commodities Update — Gold edges up; G7 leaders agree Russia gold import ban push; Wheat recovers from 4-month low

RIYADH: Gold prices edged up on Tuesday as US Treasury yields weakened, but the absence of any market-moving catalysts kept investors on the sidelines.

Spot gold was up 0.2 percent to $1,825.99 per ounce by 0536 GMT. US gold futures firmed 0.1 percent to $1,827.30.

Platinum eases

Spot silver firmed 0.2 percent to $21.18 per ounce, and platinum eased 0.3 percent to $904.99. 

Palladium rose 1 percent to $1,889.67.  

G7 leaders agree on push to ban import of Russian gold

The Group of Seven leaders have agreed to push for a ban on imports of Russian gold as part of efforts to tighten the sanctions squeeze on Moscow for its invasion of Ukraine, an EU official said on Tuesday.

The UK, the US, Japan and Canada agreed at the start of the G7 summit on Sunday that they would ban imports of newly mined or refined Russian gold, while the EU expressed some reservations.

Grains up

Chicago wheat futures rose on Tuesday, supported by short-covering and bargain hunting after falling to a four-month low in the previous session as the ongoing winter harvest was ahead of expectations.

Corn and soybeans both edged up.

The most-active wheat contract on the Chicago Board of Trade rose 1.58 percent to $9.32 a bushel. The market fell to its lowest since February on Monday, pressured by the expanding harvest of winter wheat in the Northern Hemisphere and a lack of demand for US supplies.

Corn climbed 1 percent to $6.59-1/2 a bushel and soybeans edged up 0.87 percent to $14.45-1/4 a bushel.

Copper rebounds

Copper prices rose on Tuesday alongside a rebound in equities and hopes of more economic stimulus in top metals consumer China, although lingering recession fears kept gains in check.

Three-month copper on the London Metal Exchange was up 0.7 percent at $8,475 a ton, as of 0754 GMT, recouping early losses of 1 percent.

The most-traded August copper contract in Shanghai ended daytime trading rose 2.2 percent to $9,707.39 a ton.

(With input from Reuters)


PIF-owned JCDC awards oceanarium contract to US design firm SOM

PIF-owned JCDC awards oceanarium contract to US design firm SOM
Updated 28 June 2022

PIF-owned JCDC awards oceanarium contract to US design firm SOM

PIF-owned JCDC awards oceanarium contract to US design firm SOM

RIYADH: The Jeddah Central Development Co., wholly owned by the Public Investment Fund, has awarded a design contract for an oceanarium and coral farm landmark to US-based firm SOM.

The oceanarium and coral farm will cement Jeddah’s position as a regional and global sustainable marine conservation leader.

The phase 1 of master plan of the SR75 billion ($20.4 billion) Jeddah Central project includes four major landmarks — a museum, an opera house, a stadium, and an oceanarium, which includes a coral farm, and 10 recreational and touristic areas.

“The signing of these contracts comes as part of our plans to develop a project that will contribute to the growth of the national economy and creation of jobs for Saudi nationals, all while providing Jeddah residents and visitors with a wide range of cultural and recreational destinations,” said Ahmed bin Abdul Aziz Al-Sulaim, CEO of JCDC. 

JCDC Chief Development Officer Paul O’Brien noted that construction of new landmarks will help attract local and global investments for the development and operation of the JCDC’s facilities.