Saudi index drops 1.7% to 11-week low

Updated 14 October 2012

Saudi index drops 1.7% to 11-week low

JEDDAH: Saudi shares closed down 1.68 percent to an 11-week low yesterday as the market reacted to last week’s lackluster banking results, weak stocks and a dip in energy prices. The fall to 6,682 points leaves the index at its lowest mark since July 25, Reuters reported. The banking index ended 1.92 percent down in its first session since major banks posted results.
Basil Al-Ghalayini, CEO of BMG Financial Group, said: “This is quite unexpected. The market has been affected primarily by the petrochemical sector as most companies have witnessed noticeable decline in global sales led by Yansab. The latter had recorded almost 47 percent decline during the third Quarter and 28 percent decline year to date. These consecutive declines have been driven by flattering global sales coupled with the temporary shutdown of the Olifins Cracker Unit.”
Commenting on the Tadawul’s steep fall, Jarmo T. Kotilaine, a regional economist, said: “This is primarily reflective of the renewed sense of malaise in the global markets. Last week was marked by bearish sentiment globally, not least because the US earnings data has failed to impress. The IMF/World Bank meetings have further highlighted the challenges while offering little concrete by way of solutions.”
He said the mood in many countries, especially in the euro zone is turning against austerity as reflected in the recurrent large-scale protests.
“In general, there is worldwide anxiety that the respite offered by renewed quantitative easing is doing little to take us closer to a real recovery,” Kotilaine said.


Japan’s ANA Holdings says buying 20 more Boeing 787 Dreamliners

Updated 25 February 2020

Japan’s ANA Holdings says buying 20 more Boeing 787 Dreamliners

  • The price tag for the purchases was not disclosed
  • Planes expected to go into service between financial years 2022 and 2025

TOKYO: Japan’s ANA Holdings said Tuesday it will buy 20 new Boeing 787-10 and 787-9 aircraft, with the planes expected to go into service between 2022 and 2025.
The order will be made up of 11 787-10 aircraft, which will serve domestic routes, and nine 787-9 planes for international destinations.
The price tag was not disclosed.
All Nippon Airways has been gradually replacing its Boeing 777s with 787s, citing better fuel efficiency and a reduction in noise emissions.
Once all 20 of the newly ordered planes go into service, ANA will operate some 103 787s, the firm said.
“Boeing’s 787s have served ANA with distinction, and we are proud to expand our fleet by adding more of these technologically advanced aircraft,” said Yutaka Ito, executive vice president of ANA and ANA Holdings, in a statement.
“These planes represent a significant step forward for ANA as we work to make our entire fleet more eco-friendly and to reduce noise output,” Ito added.