Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday
(File/AFP)
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Updated 29 June 2022

Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday

RIYADH: Saudi stocks regained some momentum on Tuesday, mirroring a rise in oil prices after China eased lockdown restrictions.

TASI surged 2.1 percent to 11,671, buoyed by a 3.3 percent rise in oil giant Aramco and a 3.4 percent leap in the Kingdom’s biggest lender Saudi National Bank.

The parallel market, known as NOMU, also recorded a 0.6 percent gain to end the day at 20,358 points.

With Saudi Arabia leading the gainers in the Gulf, stock exchanges of Abu Dhabi, Dubai, and Qatar added 1.9, 1.1, and 1.1 percent, respectively.

This was followed by marginal gains amounting up to 0.3 percent in the Omani and Kuwaiti indexes, while Bahrain’s BAX bucked the trend to close 0.3 percent lower.

Elsewhere in the Middle East, Egypt’s benchmark index EGX30 extended losses as it slipped 0.8 percent.

In energy trading, Brent crude reached $117.44 a barrel by 9:09 a.m. Saudi time on Wednesday, while US West Texas Intermediate traded at $111.44 a barrel.

Stock news

  • The Saudi Investment Bank, known as SAIB, completed the issuance of SR2 billion ($533 million) worth of Riyal-denominated Sukuk
  • Saudi Telecom Co., better known as stc, received its board’s approval to repurchase up to 15 million shares at SR453 million for an employee incentive plan
  • Derayah REIT fund received the board of directors’ approval to restructure its financing, which stood at SR748 million by 2021 end
  • Ayyan Investment Co. almost completed construction works at Al Salam Hospital and expects to obtain the required licenses to begin trial operations by the third quarter of 2022
  • Hail Cement Co.’s shareholders approved buying back 4.9 million shares and keeping them as treasury shares
  • Saudia Dairy and Foodstuff Co.'s shareholders approved a dividend distribution of SR3 per share for the second half of its financial year ended March 31, 2022
  • Naseej for Communication and Information Technology Co. was awarded a deal valued at SR14.5 million to implement a project in the field of e-education and training
  • Shareholders of the Red Sea International Co. will vote on a capital reduction of 50 percent to SR302 million in the next general assembly meeting
  • Saudi Advanced Industries Co. appointed Youssef Al-Qafari as board chairman instead of Abdullah Al-Juraish, who retains his membership in the board of directors
  • Abdullah Saad Mohammed Abo Moati for Bookstores Co. posted a 183 percent profit surge to SR15.1 million for its fiscal year ending March 31, 2022
  • Dar Al Arkan Real Estate Development Co. named Yousuf Al Shelash chairman of the board and Majed Abdul Rahman Al Qasim vice-chairman
  • Retal Urban Development Co. bought SR339 million worth of residential lands within the Sedra Masterplan Community
  • Shareholders of Saudi Arabia Refineries Co. approved a dividend payout of SR0.5 per share for 2021
  •  SABIC Agri-Nutrients Co. will distribute SR4 per share in dividends for the first half of the current year

Calendar

  • June 30, 2022

End of the Wafrah for Industry and Development Co.’s subscription to new shares

End of Petro Rabigh’s subscription to new shares

  • July 4, 2022

Launch of single-stock futures trading on Tadawul

  • July 7, 2022

Saudi Exchange will close for Eid Al Adha holidays and resume trading on July 13


Saudi Transport Ministry pushes for electrification with EV charging stations for staff

Saudi Transport Ministry pushes for electrification with EV charging stations for staff
Updated 16 sec ago

Saudi Transport Ministry pushes for electrification with EV charging stations for staff

Saudi Transport Ministry pushes for electrification with EV charging stations for staff

RIYADH: The Saudi Ministry of Transport and Logistics has installed the first batch of electric charging stations at its Riyadh headquarters as the Kingdom continues its journey to achieve sustainability.

The stations, developed by electric charging infrastructure developer ABB, can be used by employees of the ministry and visitors, according to a LinkedIn post.

Saudi Arabia’s Vision 2030 aims to ensure a safe environment for future generations, and several carbon emission reduction initiatives are progressing steadily in the Kingdom.

Last month, the Madinah municipality signed an agreement with Al-Sharif Holding Group to establish 12 electric charging stations at several key points in the city.

Recently, Kalyana Sivagnanam, group CEO of Petromin, during an exclusive interaction with Arab News said that its electric charging station arm Electromin is planning to open new charging stations, in addition to the already existing 100 stations in the country.


India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 
Updated 39 min 24 sec ago

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

RIYADH: Indian government bond yields ended higher on Monday for a second consecutive session tracking a hike in key policy rate from the Reserve Bank of India as well as rise in US Treasury yields.

The 10-year benchmark bond yield ended at 7.3485 percent. It had closed 14 basis points higher at 7.3005 percent on Friday, when it posted the biggest single-day gain in three months.

India’s ICICI Securities to issue 3-month CP: traders

India’s ICICI Securities plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Monday.

The company will offer a yield of 6.15 percent on this issue and it has received commitments worth around 11.75 billion rupees ($147.54 million), the bankers said.

The notes are rated A1+ by CRISIL.

L&T Finance to issue intra-month CP

India’s L&T Finance plans to raise funds selling commercial papers maturing within August, Reuters reported quoting three merchant bankers.

The company will offer a yield of 5.80 percent on this issue, and it has received bids worth around three billion rupees so far, the bankers said.

The notes are rated A1+ by CARE Ratings and have a value date of Aug. 10.

India seeking to block Chinese firms from its sub-$150 phone market: ET Now

India is seeking to oust Chinese firms from its sub-$150 phone market, broadcaster ET NOW said on Monday citing unnamed news agencies.

The report said the move would come as a blow to Chinese companies Xiaomi and Realme.

(With input from Reuters) 


Bahri partners with Aventra Group to accelerate digital transformation

Bahri partners with Aventra Group to accelerate digital transformation
Updated 57 min 52 sec ago

Bahri partners with Aventra Group to accelerate digital transformation

Bahri partners with Aventra Group to accelerate digital transformation

RIYADH: Bahri, formally known as the National Shipping Co. of Saudi Arabia, has partnered with Singapore-based Aventra Group to accelerate its digital transformation journey.

According to a press release, Bahri’s partnership with Aventra Group includes building a maritime-based data orchestration platform solution to securely store, sort, and combine data across the firm’s business units.

The orchestration platform is expected to help the company streamline and automate data-driven decision-making, the release added.

“Data is the core to all digital transformation, and this partnership enables Bahri to accelerate its strategy to ensure that we further strengthen its comprehensive logistics and transportation offerings,” said Waleed Alsobayel, acting chief technology officer of Bahri.


Saudia offers up to 40% discounts on domestic and international routes

Saudia offers up to 40% discounts on domestic and international routes
Updated 08 August 2022

Saudia offers up to 40% discounts on domestic and international routes

Saudia offers up to 40% discounts on domestic and international routes

RIYADH: Saudi Arabian Airlines, known as Saudia, has announced a discount of up to 40 percent for some of its local and international flights, including destinations in Europe, and the US. 

Reservations for the discounted flights will be available from Aug. 7 to 12, while guests can travel from Sept. 15 to Nov. 15, the airline said in a statement. 

As the Kingdom seeks to boost tourist arrivals, this comes as part of the airline’s strategy to connect Saudi Arabia with the world.

By 2030, Saudi Arabia targets the tourism sector to contribute 10 percent of the economic output, up from its current 3 percent. 


China In-Focus — Stocks down; New tax probe on independent oil refiners

China In-Focus — Stocks down; New tax probe on independent oil refiners
Updated 08 August 2022

China In-Focus — Stocks down; New tax probe on independent oil refiners

China In-Focus — Stocks down; New tax probe on independent oil refiners

RIYADH: China stocks flitted in a tight range on Monday, with the energy sector being partially countered by losses in consumer shares, as domestic COVID-19 outbreaks and tensions with the US kept market sentiment fragile.

The blue-chip CSI300 index fell 0.2 percent to 4,148.07, while the Shanghai Composite Index gained 0.3 percent to 3,236.93 points.

The Hang Seng index fell 0.8 percent to 20,045.77, while the China Enterprises Index lost 1.2 percent to 6,821.52.

Tax probe on oil refiners

China is set to begin another round of tax inspections on independent refiners that will last months, adding to pressure on refinery operations which are already running well below capacity, five trading and refinery executives told Reuters.

The world’s top crude oil importer has been clamping down on independent refiners since early last year, including probes into quota trading and fuel tax evasion, as Beijing seeks to curb excessive fuel processing and recoup state tax revenue losses.

With fuel demand already sluggish under Beijing’s zero-COVID policy, the probes hastened a rare annual decline in the nation’s crude oil imports and refinery production.

Independent refiners, mostly located in eastern refining hub of Shandong, account for roughly a fifth of the total Chinese crude oil imports.

The new inspections, due to start later this month, will be led by 15 state agencies including macroeconomic planner the National Development and Reform Commission, the State Taxation Administration and the National Audit Office, the sources said.

“We were informed last week of the upcoming inspections and are getting ready for that,” said a trading executive with an independent refiner based in Shandong.

July meat imports down 

China, the world’s top meat buyer, imported 643,000 tons of meat in July, General Administration of Customs data on Sunday showed.

July’s meat imports were down 24.7 percent from the same month a year earlier, but up 6.6 percent from June 2022.

Meanwhile, meat imports for January to July were 4.10 million tons, down 30.9 percent from a year ago, according to official data.

 

(With input from Reuters)