India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders

India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders
India to address volatility of Indian rupee against dollar. (Shutterstock)
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Updated 05 July 2022

India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders

India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders

MUMBAI: Indian shares closed lower on Tuesday, giving up more than 1 percent gains made during the day, as investor sentiment soured in global markets, while the rupee hit a fresh record low on concerns of a bigger current account deficit.

The NSE Nifty 50 index ended down 0.15 percent at 15,810.85, while the S&P BSE Sensex dropped 0.2 percent to 53,134.35. Both the indexes had gained over 1 percent in morning trade.

The slide in the value of the Indian rupee continued on Tuesday, and it closed at 79.37 against the US dollar on June 5. 

India to address volatility of Indian rupee against dollar

India is trying to “address volatility” in the Indian rupee that has tumbled to record lows against the dollar in recent weeks, a government official said on Monday, amid concerns of a widening trade deficit and sell-off of assets by foreign investors.

The rupee has plunged 6 percent against the dollar this year, weighed down by broad strength in the greenback and as investors retreated from the domestic share markets.

Twitter pursues judicial review of Indian content takedown orders

Twitter is seeking to overturn some Indian government orders to take down content, a source familiar with the matter said, in a legal challenge which alleges abuse of power by officials.

The US social media company's attempt to get a judicial review is part of a growing confrontation with New Delhi over content regulation. Twitter was warned by India's Information Technology Ministry of criminal proceedings if it did not comply with some orders.

Twitter has been asked by Indian authorities over the past year to act on content including accounts supportive of an independent Sikh state and on dozens of tweets that were critical of the government's handling of the COVID-19 pandemic.

India's IT ministry did not immediately respond on Tuesday to a request for comment about Twitter's legal move.

(With inputs from Reuters) 


Commodities Update — Gold slips; Wheat ticks higher; Copper rises

Commodities Update — Gold slips; Wheat ticks higher; Copper rises
Updated 14 sec ago

Commodities Update — Gold slips; Wheat ticks higher; Copper rises

Commodities Update — Gold slips; Wheat ticks higher; Copper rises

RIYADH: Gold prices edged lower on Monday after solid US jobs data last week boosted the prospect of aggressive interest rate hikes by the US Federal Reserve, lifting the dollar and Treasury yields.

Spot gold was down 0.1 percent at $1,771.74 per ounce, as of 0454 GMT, after dropping 1 percent in the previous session. 

US gold futures eased 0.2 percent to $1,788.20.

Silver flat

Spot silver was flat at $19.87 per ounce, while platinum fell 1.3 percent to $920.25. 

Palladium was steady at $2,125.68.

Wheat edges up

Chicago wheat futures edged higher on Monday, recouping some of the previous session’s losses but pressure from expectations of higher sea-borne grain exports from Ukraine curbed gains.

Corn lost ground, falling for the first time in four sessions, while soybeans ticked higher, although higher US production and weakening Chinese demand limited gains.

The most-active wheat contract on the Chicago Board of Trade added 0.3 percent to $7.78-1/4 a bushel, as of 0426 GMT. 

Corn fell 0.2 percent to $6.08-3/4 a bushel and soybeans gained 0.2 percent to $14.11-1/4 a bushel.

Copper rises

Copper prices rose as falling inventories and improved exports in top consumer China balanced out fears of weakening demand from a global recession.

Three-month copper on the London Metal Exchange rose 0.1 percent to $7,881.50 a ton by 0222 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange advanced 1.8 percent to $8,987.78 a ton.

(With input from Reuters)


TASI starts flat following market uncertainty over oil price shifts: Opening bell

TASI starts flat following market uncertainty over oil price shifts: Opening bell
Updated 33 min 16 sec ago

TASI starts flat following market uncertainty over oil price shifts: Opening bell

TASI starts flat following market uncertainty over oil price shifts: Opening bell

RIYADH: Saudi stock started Monday’s session flat with the market uncertain over oil price fluctuations.

As of 10:07 a.m. Saudi time, TASI and the parallel market Nomu opened at 12,227 and 21,780, respectively.

Middle East Paper Co. topped the gainers with a 5.51 percent gain, following a 216 percent increase in first-half profits.

Wafrah for Industry and Development Co. gained 2.67 percent, following the signing of a $4 million contract with German GEA Food for meat production.

Bank Albilad rose 0.60 percent, following the announcement of the establishment of Enjaz Payment Services Co., a closed joint stock company located in Riyadh.

Almarai Co. fell 0.56 percent, following the announcement of the re-appointment of Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman.

The Kingdom’s oil giant Saudi Aramco started the day with a 0.13 percent increase, while the Kingdom’s largest valued bank Al Rajhi added 0.12 percent.

In energy trading, Brent crude settled at $96.03 a barrel and US West Texas Intermediate at $90.07 a barrel, as of 10:12 a.m. Saudi time.


Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire
Updated 47 min 27 sec ago

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

RIYADH: Oil prices edged up from multi-month lows on Monday as investors’ appetite improved following data on US jobs and Chinese exports that eased recession concerns.

Brent crude futures had risen 22 cents, or 0.2 percent, to $95.14 a barrel by 0439 GMT. 

US West Texas Intermediate crude was at $89.18 a barrel, up 17 cents, or 0.2 percent.

Cuba gets help from Mexico, Venezuela to fight oil fire

Cuba appeared to make progress on Sunday bringing under control a fire at its main oil storage facility that has killed one firefighter, drawing on help from Mexico and Venezuela to fight the raging flames.

A lightning strike on Friday ignited one of eight storage tanks at the Matanzas super tanker port 60 miles east of Havana. A second tank caught fire on Saturday, catching firefighters and others at the scene by surprise. Sixteen people were missing.

Susely Morfa Gonzalez, head of the Communist Party in Matanzas, told local reporters “there are no flames at this time, only white smoke” coming from the first tank hit by lightning.

She said a second tank was still burning, sending up a huge column of black smoke, while a third, which on Saturday night officials feared would explode “is being cooled with water at intervals, in order to maintain an adequate temperature that prevents combustion.”

A secondary fire feeding off oil leaking from the area was also extinguished. No oil had contaminated Matanzas Bay, officials said.

The second explosion on Saturday injured more than 100 people, many first responders, and 24 remain hospitalized, five of those in critical condition.

On Sunday, 82 Mexican and 35 Venezuelan personnel experienced in combating fuel blazes joined the effort, bringing four planeloads of fire-fighting chemicals.

“The help is important, I would say that it is vital and it is going to be decisive,” Diaz-Canel said. 

(With input from Reuters) 


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 08 August 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 the week lower on Sunday, after worries over recession pushed oil prices to their lowest levels since February.

TASI closed 0.6 percent down at 12,216 points, while the parallel Nomu market lost 0.3 percent to 21,776 points.

The Kingdom posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, the Ministry of Finance reported. 

Elsewhere, Qatar and Bahrain ended flat, while Kuwait and Oman slipped 0.4 and 0.3 percent, respectively.

Outside the Gulf, the Egyptian primary index extended gains by 0.9 percent, after adding over 5 percent in the prior session.

In energy trading, Brent crude reached $95.69 a barrel by 9:07 a.m. Saudi time on Monday, while US West Texas Intermediate reached $89.64 a barrel.

Stock news

Almarai Co. re-appointed Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman

Bank Albilad established a closed joint stock company in Riyadh, Enjaz Payment Services Co., with a capital of SR200 million

Wafrah for Industry and Development Co. signed a contract with German food solutions firm GEA to manufacture and supply frozen and cooked meat processing lines

Middle East Paper Co. posted a 216 percent leap in profits during the first half of 2022 to SR192 million

Raoom Trading Co.’s shareholders approved a 25% capital increase plan to SR62.5 million

Alakaria’s unit Al Widyan Saudi Real Estate Co. will reduce its capital from SR100 million to SR500,000

Middle East Healthcare Co. reported a 46 percent profit surge to SR31 million for the first half of 2022

Makkah Construction and Development Co. was suspended from trading due to its failure to announce financial results in the specified period by the Saudi Exchange

International Human Resources Co. set its price guidance for a direct listing on Nomu at SR34 per share

Calendar

August 8, 2022

Start of Naba Alsaha Medical Services Co.’s IPO subscription

August 9, 2022

Alamar Foods Co. will start trading its shares on the Saudi Exchange

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription


Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production
Updated 08 August 2022

Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production

RIYADH: Saudi food firm Wafrah for Industry and Development Co. has signed a contract with German GEA Food Solutions, one of the world’s largest manufacturers of food lines and plants.

Under the $4 million contract, GEA Food Solutions will manufacture and supply highly automated lines for processing and packaging frozen and cooked meats for Wafrah, according to a bourse filing.

Wafrah said the company will start upgrading its production capacity and revenue in the second half of 2023.