China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong

China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong
The blue-chip CSI300 index ended down 0.1 percent at 4,489.54 (Shutterstock)
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Updated 05 July 2022

China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong

China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong

RIYADH: China stocks closed roughly flat on Tuesday as concerns over the worsening COVID-19 situation offset optimism from recovering services activities in the country.

The blue-chip CSI300 index ended down 0.1 percent at 4,489.54, while the Shanghai Composite Index ended flat, at 3,404.03 points.

China touts Afghan trade and investment plans

China’s ambassador touted trade and investment plans for Afghanistan on Tuesday, in what was a public endorsement for doing business in the Taliban-controlled country after an earthquake drew attention to the humanitarian consequences of Western sanctions.

At a rare press conference alongside the Taliban administration’s acting minister for disaster management, Ambassador Wang Yu announced $8 million in aid for relief from the June 22 earthquake that killed more than 1,000 people.

“Besides emergency humanitarian aid, after the political changes last year and after the earthquake, we also have long-term economic reconstruction plans,” he said. The priority would be trade, followed by investment, as well as agriculture.

No country has formally recognized the Taliban, who seized power last year after the US and its allies withdrew troops following 20 years of war.

China port group launches major pipeline in oil hub Shandong

China’s Yantai Port Group has started pumping oil into a newly expanded crude oil pipeline that connects the port of Yantai to a group of independent refineries in the country’s refining hub Shandong, state media reported on Tuesday.

The 370-kilometer pipeline, with an annual transport capacity of 20 million tons which equals 400,000 barrels per day, is solely invested by Yantai Port Group, a unit of provincial government-backed Shandong Port Group.

The new line, linking Yantai with the city of Weifang, adds to an existing parallel 650 km pipeline connecting Yantai with Zibo, bringing total transport capacity to 40 million tons annually, or 800,000 bpd.

About 10 independent refineries are linked to the two pipelines, according to Shandong-based commodities consultancy JLC.

As part of commodities logistics operations, Yantai Port also operates a 300,000 ton crude oil terminal and a 3.6 million cubic-meter crude oil tank farm.


HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 
Updated 16 sec ago

HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 

RIYADH: HSBC Saudi Arabia has appointed Faris AlGhannam as the bank’s new CEO as the lender embarks on a new phase of growth in the Kingdom.

Taking up his new role on Oct. 1 upon regulatory approval, AlGhannam is currently the bank’s deputy CEO, according to a statement.

He succeeds Rajiv Shukla, who was appointed senior managing director and advisor to the regional CEO after leading HSBC Saudi Arabia as its chief since April 2019.

“I am delighted to take on the responsibilities of CEO, leading HSBC Saudi Arabia on a new phase of growth as we focus on the needs of our clients, continue our long-standing contribution to the growth and development of the Kingdom, and help to deliver HSBC’s strategy,” he said.

Founded in 2005, HSBC Saudi Arabia is a joint venture 51 percent owned by HSBC and 49 percent owned by the Saudi British Bank.


Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1
Updated 26 min 11 sec ago

Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1

RIYADH: Shares of Saudi poultry processing firm Anaam International Holding Co. surged in early trading after it turned a profit of SR1.6 million ($425,599) in the first half of 2022, against a loss of SR2.4 million in the year-earlier period.

Anaam’s shares topped market gainers, surging 9.94 percent to reach SR20.8 percent at 10:32 a.m. Saudi time.

Anaam attributed its performance to an 84 percent surge in sales and revenue during the first six months of the year to reach SR7.2 million, according to a bourse filing.

Its accumulated losses reached SR7.23 million, representing 2.3 percent of capital, as of June 30, 2022.


NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds
Updated 26 September 2022

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

RIYADH: National Agricultural Development Co. which signed a non-binding memorandum of understanding with Leha Agriculture to produce potato seeds in Saudi Arabia saw its share prices increase during the early trading hours.

NADEC’s share rose 1.96 percent to open Monday at SR26.05 ($7) as of 10:09 a.m. Saudi time.

The MoU, which will take effect on Oct. 1 and expire on April 30, 2023, outlines a general framework for joint cooperation between the two companies, including a desire to study joint investment in potato seed production, Nadec said in a bourse filing.

Both parties agree to combine their investment efforts and serve their mutual interests.

The parties further agreed to appoint independent financial, legal, and technical advisors if they so desire or if the official authorities so request.

The full financial value will be determined and announced after legal, financial, and commercial due diligence.

Leha Agriculture provides storage and cooling solutions for agricultural products in Saudi Arabia and specializes in cultivating and marketing potatoes and potato seeds.


TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell
Updated 26 September 2022

TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell

RIYADH: Saudi Arabia’s main index continues to decline in response to oil prices dropping below $85 for the first time since January and fears of a global recession due to aggressive interest rate rises.

The Tadawul All Share Index fell 0.45 percent to start Monday at 11,110, while the parallel market Nomu fell 0.11 percent at 19,853, as of 10:09 a.m. Saudi time.

Brent crude traded at $85.30 a barrel and WTI crude reached $77.96 a barrel, as of 10:06 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.43 percent decline, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, decreased by 0.16 percent, while Saudi British Bank declined by 0.53 percent.

National Agricultural Development Co. gained 1.96 percent, following the signing of a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Retal Urban Development Co. gained 1.62 percent, after selling its share in a land located in Al Khobar city for SR67 million ($18 million) to Maali Holding Co.

Anaam International Holding Group gained 5.6 percent to lead the gainers, after reporting that it turned into profits of SR1.6 million during the first half of 2022.


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

Here’s what you need to know before Tadawul trading on Monday
Updated 26 September 2022

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

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

RIYADH: Saudi stocks started and ended sharply lower on Sunday, in response to the Saudi Central Bank raising interest rates in line with Fed's steep rate hike and forecast for further hikes to curb inflation.

The Tadawul All Share Index lost 2.61 percent to end the session at 11,161, while the parallel market slid 1.92 percent to finish at 19,875.

Kuwait’s index declined 2.5 percent, followed by Qatar's index declining 1.5 percent for a second session.

The index in Bahrain traded down 1.4 percent, while both Egypt’s blue-chip index and Oman index tumbled 0.3 percent.

Oil prices fell below $85 for the first time since January, Brent crude traded at $84.94 a barrel and WTI crude reached $77.70 a barrel, as of 9:20 a.m. Saudi time.

Stock News

Nadec has signed a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Sure Global Technology Co. set its price guidance for a direct listing on Saudi Arabia’s parallel stock market at SR70 ($19) per share.

Retal Urban Development Co. sold its share in a land located in Al Khobar city for SR67.44 million to Maali Holding Co.