Troubled Chinese developer Evergrande says will 'actively engage' with creditors

Troubled Chinese developer Evergrande says will 'actively engage' with creditors
Troubled Chinese developer Evergrande says will 'actively engage' with creditors

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi bourse’s main stock index, TASI, surged this morning amid a tsunami of initial public offerings that may continue to the end of the year. 

TASI went up by 0.57 percent to 11,267 points at 11:20 a.m. Riyadh time, partly recouping last trading session’s losses.

The parallel market Nomu rose by 0.49 percent to 26,538 points.

Saudi Capital Market Authority approved yesterday listings of new IPOs that will add 70.3 million shares to both TASI and Nomu indexs.

Capital Market Authority (CMA) chairman Mohammed El-Kuwaiz said in November, when he revealed there are a further 54 listing applications pending — 31 of which are direct listings.

Etihad Atheeb Telecommunication Co. led the gainers by rising 8.25 percent to SR30.85 ($8.2). This followed the Capital Market Authority’s approval of the company’s capital reduction request.

Tourism Enterprise Co., known as Shams, and the Saudi Investment Bank, SAIB, came next, up nearly 3.23 percent and 4.9 percent to SR172 and SR20, respectively.

The share price hike brings SAIB stock to a record high compared to all closing prices in over two years.

Losses were minor as the major market movers of the session soared in early trading.

Shams had SR88 million worth of shares changing hands, while that of Etihad Atheeb Telecom stood at SR103 million.

Among Saudi’s biggest players, Al Rajhi Bank and Saudi Basic Industries Corp., or SABIC, rose to SR141 and SR115, respectively.

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