Chinese property giant Evergrande defaults for first time: Fitch

Chinese property giant Evergrande defaults for first time: Fitch
Chinese property giant Evergrande defaults for first time: Fitch

Thank you for reading the news about Chinese property giant Evergrande defaults for first time: Fitch and now with the details

Jeddah - Yasmine El Tohamy - 10.13 Saudi time: RIYADH: With most of the stocks on the index starting the day in the green zone, Tadawul’s TASI rose 0.39 percent in early trading.

Sadr Logistics and Naseej International Trading Co. led the top gainers, with Sadr reaching another record high of SR124 ($33).

Naseej’s gains were attributed to its recent decision to raise SR150 worth of capital to limit the accumulated losses to 19.4 percent of capital.

Wafrah for Industry remained resilient as it surged 2.23 percent in morning trading.

Among the top fallers came Batic Investment and Logistics Co. and the Mediterranean and Gulf Insurance and Reinsurance Co., MEDGULF, down slightly by 2.4 percent and 1.99 percent respectively.

Tadawul’s parallel market Nomu fell 0.26 percent to reach 23502.77 points.


09:09 Saudi time: Key market signals ahead of Thursday’s trading session: Premarket

RIYADH: The new coronavirus variant, omicron, has left markets, including the Saudi stock exchange, prone to volatility as investors assess the severity of the strain.

The previous month has been particularly rough, with Saudi’s main benchmark index TASI sliding down by 6.48 percent to hit 10991.8 points. TASI was down almost one percent in the latest trading session.

Meanwhile, the parallel market Nomu fell 5 percent in a month. The index’s last close amounted to 23564.11 points, up 0.49 percent intraday.

Registering the highest volume and value traded, Saudi Tadawul Holding Group came first in the top gainers on its listing day.

The share price of the group last closed at SR118 ($31.5), having traded between an intraday low of SR115.4 and an intraday high of SR127.6 on debut.

Sadr Logistics extended its gains, rising an additional ten percent to close at a record high of SR114.6 as of the previous session.

Bank Saudi Fransi led the lowest-performing stocks, down 4.5 percent.

Companies in the Kingdom’s energy sector weighed the index down with stocks of Petro Rabigh and Saudi Arabia Refineries Co. falling 2.5 percent and 3.92 percent respectively.

Petro Rabigh’s stock price declined for a second consecutive day, after a 7.8 percent fall in the prior session following the company’s capital decrease and rights issue recommendation.

Naseej International Trading Co. announced that it will raise SR150 million worth of capital to limit the accumulated losses to 19.4 percent of capital.

This came as its shares hit a 52-week low in terms of price on Dec.2.

Bank Aljazira issued a SR2 billion tier 2 sukuk with a ten-year duration and a par value of SR1 million, according to a bourse filing.

Saudi Basic Industries Corporation announced its decision to leverage organic and inorganic growth whilst strengthening capital expenditure to align with Vision 2030, according to SABIC chief Youssef Al-Benyan.

Jarir Marketing Co. launched a showroom worth SR28 million in Najran. The company’s stock has remained almost flat for a month, last closing at SR194.

Saudi Real Estate Co., or Al Akaria, sold land plots worth SR127.34 million in Riyadh.

The company expects the investment to boost its profit to SR121.9 million, according to a bourse filing.

Al Moammar Information Systems Co. won a three-year contract worth SR54.89 million to offer computer maintenance solutions for the Royal Commission for Jubail and Yanbu.

The expected date of contract signature is Feb.8, 2022.

Dec. 9 is the last day to subscribe to Maadaniyah’s new shares.

The subscription period to Saudi Economic and Development Securities Co.’s capital REIT fund will start on Dec.12 and end on Dec.16.

Batic Investment and Logistics Co.’s SR300 million rights issue trading will start on Dec.13 and end on Dec.23.

The tradable rights have been deposited into the Securities Depository Center as of Dec.9, the center announced in a bourse filing.

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