Saudi stocks rise on the eve of 2017 budget

December 22, 2016

Jeddah, Dec 22: Saudi Arabia’s stock market rose on Wednesday on the eve of the government’s release of its 2017 budget.

Saudi

The Tadawul All-Share Index (TASI) climbed 0.4 percent, though trading volume shrank to its lowest level in two months as many investors became cautious before the budget announcement.

Volumes weakened further to SR3.3 billion, the lowest in two months. The advances-declines ratio was 113/48. Most sectors pivoted into positive territory toward the end of the session even as trading activity mainly centered round a few specific stocks. The retail sector, however, declined.

Arabian Pipes jumped 3.7 percent after saying it won a SR72 million ($19.2 million) order to supply oil giant Saudi Aramco, and Saudi Steel Pipes added 5.5 percent after reporting a similar order.

Arab National Bank fell 0.9 percent after proposing a cash dividend of SR0.45 per share for the second half of 2016, lower than last year. Alinma Bank edged up 0.3 percent after keeping its 2016 dividend unchanged.

On Wednesday, Egypt’s stock market extended a bull run fueled by foreign money and last month’s float of the Egyptian pound.

In Dubai, the index also rose 0.4 percent in thin trade as real estate blue chip Emaar Properties added 0.6 percent.

A 2.6 percent drop in Abu Dhabi Commercial Bank pulled Abu Dhabi’s index down 0.3 percent while Qatar’s index was little changed.

Cairo’s index, which surged 3.4 percent on Tuesday to a record high, climbed a further 1.8 percent in heavy volume. Foreign investors remained net buyers of stocks by a small margin, bourse data showed.

Orascom Telecom, beaten down in recent weeks by news of the departure of Naguib Sawiris as managing director, gained 7.1 percent after saying it sold its unit Middle East and North Africa Co. Submarine Cable Systems for $90 million to an Indian company.

Proceeds are to be used to invest in the financial, real estate and logistics sectors, which the government is targeting for expansion under an economic reform program . Orascom was the market’s most heavily traded stock on Wednesday.

Palm Hills Development climbed 2.2 percent after saying it had agreed with Sarwa Capital, Arab African International Bank and Banque Misr to launch a securitized bond based on its receivables.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 6,2020

Dubai/Washington, Jan 6: Tens of thousands of Iranians thronged the streets of Tehran on Monday for the funeral of Quds Force commander Qassim Suleimani who was killed in a US air strike last week and his daughter said his death would bring a "dark day" for the United States.

"Crazy Trump, don't think that everything is over with my father's martyrdom," Zeinab Suleimani said in her address broadcast on state television after US President Donald Trump ordered Friday's strike that killed the top Iranian general.

Iran has promised to avenge the killing of Qassim Suleimani, the architect of Iran's drive to extend its influence across the region and a national hero among many Iranians, even many of those who did not consider themselves devoted supporters of the Islamic Republic's clerical rulers.

The scale of the crowds in Tehran shown on television mirrored the masses that gathered in 1989 for the funeral of the founder of the Islamic Republic, Ayatollah Ruhollah Khomeini.

In response to Iran's warnings, Trump has threatened to hit 52 Iranian sites, including cultural targets, if Tehran attacks Americans or US assets, deepening a crisis that has heightened fears of a major Middle East conflagration.

The coffins of the Iranian general and Iraqi militia leader Abu Mahdi al-Muhandis, who was also killed in Friday's attack on Baghdad airport, were passed across the heads of mourners massed in central Tehran, many of them chanting "Death to America".

One of the Islamic Republic's major regional goals, namely to drive US forces out of neighbouring Iraq, came a step closer on Sunday when the Iraqi parliament backed a recommendation by the prime minister for all foreign troops to be ordered out.

"Despite the internal and external difficulties that we might face, it remains best for Iraq on principle and practically," said Iraqi caretaker Prime Minister Adel Abdul Mahdi, who resigned in November amid anti-government protests.

Iraq's rival Shi'ite leaders, including ones opposed to Iranian influence, have united since Friday's attack in calling for the expulsion of US troops.

Esmail Qaani, the new head of the Quds Force, the Revolutionary Guards' unit in charge of activities abroad, said Iran would continue Suleimani's path and said "the only compensation for us would be to remove America from the region."

ALLIES AT FUNERAL

Prayers at Suleimani's funeral in Tehran, which will later move to his southern home city of Kerman, were led by Iran's Supreme Leader Ayatollah Ali Khamenei. Suleimani was widely seen as the second most powerful figure in Iran behind Khamenei.

The funeral was attended by some of Iran's allies in the region, including Ismail Haniyeh, the leader of Palestinian group Hamas who said: "I declare that the martyred commander Suleimani is a martyr of Jerusalem."

Adding to tensions, Iran said it was taking another step back from commitments under a 2015 nuclear deal with six major powers, a pact from which the United States withdrew in 2018.

Washington has since imposed tough sanctions on Iran, describing its policy as "maximum pressure" and saying it wanted to drive down Iranian oil exports - the main source of government revenues - to zero.

Talking to reporters aboard Air Force One on the way to Washington from Florida on Sunday, Trump stood by his remarks to include cultural sites on his list of potential targets, despite drawing criticism from US politicians.

"They're allowed to kill our people. They're allowed to torture and maim our people. They're allowed to use roadside bombs and blow up our people. And we're not allowed to touch their cultural sites? It doesn't work that way," Trump said.

Democratic critics of the Republican president have said Trump was reckless in authorizing the strike, and some said his comments about targeting cultural sites amounted to threats to commit war crimes. Many asked why Soleimani, long seen as a threat by US authorities, had to be killed now.

Republicans in the US Congress have generally backed Trump's move.

Trump also threatened sanctions against Iraq and said that if US troops were required to leave the country, Iraq's government would have to pay Washington for the cost of a "very extraordinarily expensive" air base there.

He said if Iraq asked US forces to leave on an unfriendly basis, "we will charge them sanctions like they've never seen before ever. It'll make Iranian sanctions look somewhat tame."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 27,2020

Dubai, Apr 27: Saudi Arabia has reported 1,289 new Covid-19 cases on April 27, its Ministry of Health tweeted.

Of the newly diagnosed cases, Jeddah recorded 294 infections, followed by Makkah (218) and Madinah (202).

The ministry also confirmed five additional coronavirus-induced deaths, spiking the total death toll to 144.

2,507 people are talking about this
Since the outbreak of the virus strain in the Chinese city of Wuhan late last year, Saudi Arabia has reported a total of 18,811 Covid-19 infections.

As many as 2,531 patients have till now recovered from the virus.

Oman
The sultanate registered 51 new Covid-19 cases on April 27, including 37 nationals and 14 expatriates, spiking the total number of infections to 2,049, Oman News Agency tweeted.

Meanwhile, 10 coronavirus-related deaths have been confirmed in the country.

Qatar
The Ministry of Public Health has reported 957 Covid-19 cases among the 3,420 people tested in the last 24 hours.

As many as 85,709 people have been tested for the virus across the country.

The total number of Covid-19 infections since the outbreak has now risen to 11,244.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 10,2020

Dubai, May 10: Kuwait will enact a "total curfew" from 4pm (1300 GMT) on Sunday through to May 30 to help to curb the spread of the new coronavirus, the Information Ministry said on Twitter on Friday.

Further details of the curfew will be announced soon, it said.

Kuwait on April 20 expanded a nationwide curfew to 16 hours a day, from 4pm to 8am, and extended a suspension of work in the public sector, including government ministries, until May 31.

On Friday the Gulf state announced 641 new coronavirus cases and three deaths, bringing its total number of confirmed cases to 7,208, with 47 deaths.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.