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.
Agencies
July 2,2020

With the launch of the Emirates Mars Mission less than a couple of weeks away, the spacecraft that will carry the UAE's Hope Probe to outer space has already been fuelled, it was announced today.

At a virtual briefing by the Mohammed bin Rashid Space Centre (MBRSC) today, the media was informed that scientists are busy giving finishing touches to the Hope Mars Mission, which will give mankind a complete picture of the Martian atmosphere once the UAE's indigenous probe reaches the Red Planet's orbit in 2021.

As the monitoring continues, final charging of the batteries is also ongoing, scientists said.

The space engineers averred that with this mission, the momentum in the region for space awareness will continue not only among young Emiratis but also among other youngsters in the Arab world.

The Hope Probe is scheduled to take off from Japan's Tanegashima Space Centre on July 15 at 00:51:27 UAE time.

The first Arab space mission to the Red Planet remained on track despite the challenges arising from the Covid-19 pandemic.

The spacecraft will provide the first global pictures of the Martian atmosphere and data will be shared freely with over 200 research centres across the world. It will help answer key questions about the global Martian atmosphere and the loss of hydrogen and oxygen gases into space over the span of one Martian year.

450 engineers, technicians and experts are involved in the project.  This comprises of 12,000 tasks in 6 years and entails 5.5 million working hours.

It includes 200 new technologies and 15 scientific partnerships with global universities and institutions.

The spaceship will travel 495 million km. It has a cruise speed of 121,000km/hour.

MBRSC is responsible for the execution and supervision of all stages of the design, development and launch of the Hope Probe. The UAE Space Agency is funding and supervising procedures and necessary details for the implementation of this project. After its launch in mid-July and following a journey of several months, the probe is expected to enter the Red Planet's orbit in 2021, coinciding with the Golden Jubilee of the Union.

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.
Agencies
May 17,2020

Jerusalem, May 17: The Chinese ambassador to Israel was found dead in his home north of Tel Aviv on Sunday, Israel's Foreign Ministry said.

No cause of death was given and Israeli police said it was investigating.

Du Wei, 58, was appointed envoy in February in the midst of the coronavirus pandemic. He previously served as China's envoy to Ukraine.

He is survived by a wife and son, both of whom were not in Israel.

Israel enjoys good relations with China.

The ambassador's death comes just two days after he condemned comments by visiting U.S. Secretary of State Mike Pompeo, who denounced Chinese investments in Israel and accused China of hiding information about the coronavirus outbreak.

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.
Agencies
April 8,2020

Riyadh, Apr 8: Saudi Arabia's health minister has warned the number of COVID-19 cases in the country could reach 200,000 in coming weeks.

As of Tuesday, the kingdom registered a total of 2,795 coronavirus infections, including 41 deaths.

"Within the next few weeks, studies predict the number of infections will range from a minimum of 10,000 to a maximum of 200,000," health minister Tawfiq al-Rabiah was cited as saying by the official Saudi Press Agency on Tuesday.

On Monday, Saudi Arabia extended the duration of daily curfews in four governorates and five cities to 24 hours.

The kingdom imposed round-the-clock lockdowns in the capital Riyadh, Tabuk, Dammam, Dhahran and Hofuf, the interior ministry said on Twitter.

The same measures were also imposed on the governorates of Jeddah, Taif, Qatif and Khobar, the ministry added.

Authorities had already sealed off the holy cities of Mecca and Medina, barring people from entering and exiting as well as prohibiting movement between all provinces.

Last month, Saudi Arabia suspended the year-round "Umrah" pilgrimage over fears of the coronavirus pandemic spreading to Islam's holiest cities.

Authorities are yet to announce whether they will proceed with this year's Hajj, scheduled for the end of July. Last week, authorities urged Muslims to temporarily defer preparations for the annual pilgrimage.

Last year, about 2.5 million people travelled to Saudi Arabia to take part in the Hajj, which all Muslims must perform at least once in their lives if able.

The Arab world's biggest economy has also closed down cinemas, malls and restaurants and halted flights as it steps up efforts to contain the virus.

King Salman has warned of a "more difficult" fight ahead against the virus, as the kingdom faces the economic double blow of virus-led shutdowns and crashing oil prices

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.