You are here

Closing Bell: TASI ends in green; CMA approves ETF tracking Hong Kong equities 

The total trading turnover of the benchmark index was SR5.71 billion ($1.52 billion), as 131 stocks advanced, while 97 retreated. AFP/File 
The total trading turnover of the benchmark index was SR5.71 billion ($1.52 billion), as 131 stocks advanced, while 97 retreated. AFP/File 
Short Url

https://arab.news/8y35r

Updated 17 September 2024
Nirmal Narayanan
Follow

Closing Bell: TASI ends in green; CMA approves ETF tracking Hong Kong equities 

Closing Bell: TASI ends in green; CMA approves ETF tracking Hong Kong equities 
  • Parallel market Nomu shed 117.01 points to close at 25,616.92
  • MSCI Tadawul Index gained 3.47 points to 1,480.13
Updated 17 September 2024
Nirmal Narayanan
Follow

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 18.29 points or 0.15 percent, to close at 11,885.66.  

The total trading turnover of the benchmark index was SR5.71 billion ($1.52 billion), as 131 stocks advanced, while 97 retreated.  

Nomu, the Kingdom’s parallel market, shed 117.01 points to close at 25,616.92, while the MSCI Tadawul Index gained 3.47 points to 1,480.13. 

The best-performing stock on the main index was Naseej International Trading Co., as its share price soared by 9.57 percent to SR71.  

The share price of Saudi Arabian Mining Co., also known as Ma’aden, surged by 6.61 percent to SR41.95, backed by the company’s signing of a non-binding agreement on Sept.16 with Aluminium Bahrain B.S.C., or Alba, to potentially create a global aluminum producer. 

The worst performer was Al-Baha Investment and Development Co. The company’s share price dropped by 5.56 percent to SR0.17.  

Al-Modawat Specialized Medical Co. led the gains on the Kingdom’s parallel market, with its share price jumping 9.89 percent to SR16. 

Molan Steel Co. and Academy of Learning Co. were also among the top performers on Nomu, with their shares rising 5.79 percent and 3.69 percent, respectively. 

Saudi Arabia’s Capital Market Authority approved its first exchange-traded fund tracking Hong Kong equities on Sept. 16, marking a step forward in strengthening ties between Beijing and Riyadh. 

In a statement, the CMA announced it had approved asset manager AlBilad Investment Co.’s request to list the “Albilad CSOP MSCI Hong Kong China Equity ETF” on the Saudi Stock Exchange. 

This development follows Hong Kong’s launch of an ETF in November 2023 that tracks the performance of the Saudi index.  

In May, Michael Wong, Hong Kong’s deputy financial secretary, announced that the province was collaborating with Saudi Arabia to develop an ETF tracking Hong Kong’s local stock indices. 

The Saudi Investment Bank announced plans to establish a US dollar-denominated Tier I sukuk program, capped at $1.5 billion. 

In a bourse filing, SAIB noted that the issuance aims to meet the bank’s financial and strategic objectives, subject to regulatory approval and in accordance with relevant laws and regulations.

Topics: Finance Closing Bell Saudi Arabia TASI TASI Nomu Tadawul MSCI Tadawul Index Saudi Stock Exchange (Tadawul)

Related

Closing Bell: Saudi markets end in red across all indices
Business & Economy
Closing Bell: Saudi markets end in red across all indices
Closing Bell: Saudi main index climbs to 11,900
Business & Economy
Closing Bell: Saudi main index climbs to 11,900

COP29 Day 3: World leaders address urgent climate goals at high-level session

COP29 Day 3: World leaders address urgent climate goals at high-level session
Updated 27 sec ago
Arab News
Follow

COP29 Day 3: World leaders address urgent climate goals at high-level session

COP29 Day 3: World leaders address urgent climate goals at high-level session
Updated 27 sec ago
Arab News

RIYADH: World leaders entered their third day of climate talks at COP29 in Baku, marking a critical juncture in discussions focused on climate action and multilateral cooperation. 

The High-Level Segment continued with addresses from heads of state and government as countries reiterated commitments to combat climate change.

Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah emphasized his country’s long-term strategy for environmental sustainability and carbon reduction, stating that climate change “is a global concern and a threat to many countries.” 

Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah. Screenshot

Highlighting the visible impacts of climate change, he cited “rising temperatures, dust storms, and heavy rain” as growing challenges in the region.

Kuwait aims to achieve net zero emissions by 2060, supported by strategic initiatives and a significant shift toward renewable energy. The country plans to generate 50 percent of its electricity from solar power, a major component of its national sustainability efforts, Al-Sabah said.

The session opened with Shina Ansari, Iran’s vice president, followed by Joseph Owondault Berre, Gabon’s vice president. Berre underscored the importance of multilateralism, calling it “the only weapon that can tackle issues associated with climate change.” He emphasized the need for “collective action based on trust, fairness, and shared responsibility,” highlighting that global collaboration remains critical in addressing climate impacts equitably.

As COP29 progresses, world leaders are expected to announce further initiatives to address climate threats through collaborative, international approaches.

Topics: COP29 Baku climate change

Related

COP29: World leaders urged to close $359bn adaptation finance gap by UN Secretary-General
Business & Economy
COP29: World leaders urged to close $359bn adaptation finance gap by UN Secretary-General
Saudi firm launches carbon exchange platform at COP29 to drive emission reductions
Business & Economy
Saudi firm launches carbon exchange platform at COP29 to drive emission reductions

IMF delegation in Pakistan, discusses ‘key benchmarks’ of $7 billion loan program — official 

IMF delegation in Pakistan, discusses ‘key benchmarks’ of $7 billion loan program — official 
Updated 13 November 2024
Follow

IMF delegation in Pakistan, discusses ‘key benchmarks’ of $7 billion loan program — official 

IMF delegation in Pakistan, discusses ‘key benchmarks’ of $7 billion loan program — official 
  • IMF has said Porter’s visit is not part of the first review of loan program
  • First review not scheduled to take place before the first quarter of 2025
Updated 13 November 2024
AAMIR SAEED 

ISLAMABAD: An International Monetary Fund (IMF) delegation is in Islamabad this week and will hold discussions with top Pakistani officials on the “key benchmarks” of a $7 billion loan program approved in September, a finance ministry official said on Tuesday.

The IMF delegation led by Pakistan mission chief Nathan Porter arrived in Islamabad on Monday on an unplanned visit. The team is expected to hold meetings until Friday with top officials from ministries such as finance and energy and the Federal Board of Revenue, the main tax collection agency, to collect data on “loan program performance to date,” a finance ministry official told Arab News, seeking anonymity. 

The IMF has said Porter’s visit is not part of the first review of the loan program, which is not scheduled to take place before the first quarter of 2025. 

“Some key benchmarks of the loan program will come under discussion during the meetings, as Islamabad faces some revenue shortfall and a recent botched attempt to privatize the Pakistan International Airlines,” the finance ministry official said. 

“Matters like external financing gap and reforms in the energy sector are also expected to be discussed with the IMF delegation.”

The IMF reached a staff-level agreement with Pakistan in July for a 37-month $7 billion bailout package, which the Fund’s Executive Board approved in September. This was the 25th loan program that Pakistan has obtained since 1958.

In a statement released on Tuesday, the ministry of finance said a delegation led by Porter had an “initial meeting” with finance minister Muhammad Aurangzeb.

Minister of State for Finance Ali Pervez Malik, Governor State Bank Jameel Ahmed, Federal Board of Revenue Chairman Rashid Mahmood Langrial and senior finance ministry officials were also present in the meeting, the ministry said.

Islamabad secured the bailout loan, critical to keeping its $350 billion fragile economy afloat, after taking painful measures such as hiking fuel and food prices and implementing reforms to broaden the country’s tax base and privatize state-owned entities.

“INTERIM CHECKS”

Pakistan’s macroeconomic conditions and investor sentiment have improved in recent months, which analysts say has led to a bullish trend in the country’s stock market.

Syed Atif Zafar, the chief economist at Topline Securities, said the IMF delegation’s meetings with Pakistani officials were part of “interim checks” to ensure a successful review of the loan facility next year. 

“The government failed to achieve the tax revenue target in the first quarter that has perhaps necessitated this IMF visit, but still the authorities have multiple options and time to overcome this gap,” he told Arab News. 

“The good thing at this point is that all structural and quantitative benchmarks of the loan program are on track.”

Tahir Abbas, a senior economist and head of research at Arif Habib Limited, said Pakistan last month requested the IMF for a $1 billion climate financing facility to mitigate climate risk, which would be discussed during the ongoing IMF visit.

“Pakistan’s revenue shortfall of around Rs200 billion ($720 million) in the first quarter has mainly necessitated this IMF visit,” he told Arab News. 

“The finance ministry will now inform the IMF delegation about the possible revenue measures to overcome the shortfall and cut the expenditures.”

Topics: Pakistan IMF Talks IMF

NEOM board of directors announces leadership change

NEOM board of directors announces leadership change
Updated 34 min 4 sec ago
Arab News
Follow

NEOM board of directors announces leadership change

NEOM board of directors announces leadership change
  • Head of Public Investment Fund’s Local Real Estate Division since 2018, Al-Mudaifer has a deep and strategic understanding of NEOM and its projects
Updated 34 min 4 sec ago
Arab News

NEOM: The NEOM Board of Directors on Tuesday announced the appointment of Aiman Al-Mudaifer as acting CEO of the company. Al-Mudaifer assumes leadership of NEOM, following Nadhmi Al-Nasr’s departure.

As NEOM enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project.

Al-Mudaifer takes the helm of the organization with the support of a strong leadership team across NEOM’s regions, sectors and departments.

Head of Public Investment Fund’s Local Real Estate Division since 2018, Al-Mudaifer has a deep and strategic understanding of NEOM and its projects.

In his role at PIF, Al-Mudaifer oversees all local real estate investments and infrastructure projects. He is also a board member of multiple prominent companies within the Kingdom.

NEOM is a fundamental pillar of Saudi Vision 2030 and progress continues on all operations as planned, as we deliver the next phase of our vast portfolio of projects including THE LINE, Oxagon, Trojena, Magna and The Islands of NEOM. 

Through these projects, NEOM seeks to achieve harmony between livability, business and nature, and to create a better future for current and future generations.

Topics: Saudi Arabiaa Saudi Arabia NEOM

Related

Saudi Arabia’s NEOM appoints 3 global partners to complete 1st phase of The Line
Business & Economy
Saudi Arabia’s NEOM appoints 3 global partners to complete 1st phase of The Line
Saudi Arabia opens Sindalah in NEOM as part of Vision 2030 tourism drive
Business & Economy
Saudi Arabia opens Sindalah in NEOM as part of Vision 2030 tourism drive

Maldives, Bulgaria push for greater climate action, financing

Maldives, Bulgaria push for greater climate action, financing
Updated 13 November 2024
Reem Walid
Follow

Maldives, Bulgaria push for greater climate action, financing

Maldives, Bulgaria push for greater climate action, financing
  • Maldives President Mohamed Muizzu said small island developing states require trillions of dollars in climate finance
  • Bulgarian President Rumen Radev addressed the global impact of climate-related disasters
Updated 13 November 2024
Reem Walid

RIYADH: Insufficient financing continues to be a significant barrier preventing many countries, especially underdeveloped nations, from meeting their climate goals, according to the President of the Maldives.

Speaking on the second day of COP29, held in Azerbaijan from Nov. 11-22, Mohamed Muizzu emphasized that small island developing states require trillions, not billions, of dollars in climate finance.

“It is the lack of finance that inhibits our ambitions, which is why this COP, the finance COP, we need to deliver the new climate finance goal. This must reflect the true scale of the climate crisis. The need is in trillions, not billions,” Muizzu said.

He added, “It must consider the special circumstances of small island developing states — it must include adaptation, mitigation, and loss and damage.”

Muizzu also reiterated the importance of the environment for his country, stating: “You have called for stronger climate action. Our call has not changed. Our cause has not strayed because, for us, the environment and the ocean are more than resources. They are our cultural identity.”

In a similar vein, Bulgarian President Rumen Radev addressed the global impact of climate-related disasters, emphasizing that no region is immune to the deadly and costly consequences of climate change.

“Bulgaria is committed not only to being part of regional and energy cooperation initiatives across Central and Eastern Europe, the Balkans, and the Black Sea region but also beyond, by strengthening the links between the European Union and non-EU countries who share our priorities on climate neutrality, just energy transition, energy security, and low-carbon technological innovation,” Radev said.

He further called for broader action, stating, “All parties should undertake greater efforts to integrate climate change adaptation and resilience into all policies and strategies.”

Topics: COP29 Green & Blue climate

Closing Bell: Saudi main index slips to 12,048

Closing Bell: Saudi main index slips to 12,048
Updated 13 November 2024
Nirmal Narayanan
Follow

Closing Bell: Saudi main index slips to 12,048

Closing Bell: Saudi main index slips to 12,048
  • Parallel market saw a drop, losing 50.59 points to close at 29,110.41
  • MSCI Tadawul Index shed 5.06 points to end at 1,516.14
Updated 13 November 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s Tadawul All Share Index fell on Tuesday, losing 58.74 points to close at 12,047.67.

The total trading turnover of the benchmark index was SR5.75 billion ($1.53 billion), with 70 stocks advancing and 152 declining.

Saudi Arabia’s parallel market saw a drop, losing 50.59 points to close at 29,110.41. The MSCI Tadawul Index also declined, shedding 5.06 points to end at 1,516.14.

The best-performing stock on the main market was Al Jouf Cement Co., with a 4.75 percent increase to SR10.58. Other top gainers included Malath Cooperative Insurance Co. and Elm Co., with shares rising by 4.40 percent to SR15.66 and 3.87 percent to SR1,101.1, respectively.

The worst performer on the main index was Fawaz Abdulaziz Alhokair Co., whose share price dropped by 4.42 percent to SR12.12.

National Environmental Recycling Co., also known as Tadweer, announced it had signed a memorandum of understanding with Re Sustainability Middle East Co. to explore the potential for establishing smelters and recycling units in the Kingdom. According to a statement on Tadawul, the deal is valid for one year and carries no immediate financial impact.

The company’s share price declined by 0.45 percent to SR13.4. 

Purity for Information Technology Co. announced it has secured a contract valued at SR10.7 million from Saudi Comprehensive Technical and Security Control Co. to supply technology equipment. The company stated that the financial impact of the contract will be reflected in the first quarter of next year.

Its share price dropped by 0.73 percent to SR8.33.

Red Sea International Co. reported a narrowed net loss of SR2.18 million for the first nine months of this year, compared to a SR54.7 million loss in the same period in 2023. According to a statement on Tadawul, the improvement was driven by a 515.78 percent year-on-year increase in sales revenue. However, Red Sea International’s share price declined by 4.05 percent to SR71.

Lazurde Co. for Jewelry reported a 42.98 percent decline in net profit for the first nine months, totaling SR24.8 million, compared to the same period last year. The company attributed this drop to a 6.61 percent year-on-year decrease in operating profit over the nine-month period. Lazurde’s share price dropped by 2.05 percent to SR13.36.

Topics: Closing Bell Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

Related

Closing Bell: Saudi main index gains, closes at 12,106 points  
Business & Economy
Closing Bell: Saudi main index gains, closes at 12,106 points  
Closing Bell: Saudi main index slips to close at 12,103
Business & Economy
Closing Bell: Saudi main index slips to close at 12,103

Latest updates

COP29 Day 3: World leaders address urgent climate goals at high-level session
COP29 Day 3: World leaders address urgent climate goals at high-level session
Curry dazzles on Thompson’s return at Chase Center as Warriors down Mavs
Curry dazzles on Thompson’s return at Chase Center as Warriors down Mavs
REVIEW: ‘Super Mario Party Jamboree’ promises heated game nights and solo goodness
REVIEW: ‘Super Mario Party Jamboree’ promises heated game nights and solo goodness
NEOM McLaren drivers in top form at Formula E testing in Madrid
NEOM McLaren drivers in top form at Formula E testing in Madrid
Jeel and audax partner to transform digital banking across Kingdom
Jeel and audax partner to transform digital banking across Kingdom

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.