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September 4th - The Arab Gulf Institute stated that regardless of the recent outcome of the Iran war, the momentum for building new trade, energy, and logistics infrastructure in the Gulf region is likely to continue. Bypassing the Strait of Hormuz is one objective, but this investment boom also involves pipelines, railways, highways, ports, and new economic corridors spanning the region. Robert Mogielnicki, a non-resident researcher at the Arab Gulf Institute, said that Saudi Arabia is expected to benefit as economic activity shifts westward; meanwhile, the UAE is developing export and logistics hubs to the east, and Oman benefits from transport routes that bypass regional bottlenecks.On September 4th, the State Financial Supervision and Administration Bureau publicly solicited opinions on the "Draft Amendments to the Insurance Law of the Peoples Republic of China (for Public Comment)". The draft amendments will bring shareholders and actual controllers of insurance institutions under regulatory oversight, strengthening the qualification review of major shareholders and actual controllers and strictly controlling market entry. The drafts clarify shareholders obligations regarding capital contributions, related-party transaction reporting, and information disclosure, and prohibit behaviors such as nominee shareholding and improper interference in company operations and management. The drafts also increase regulatory enforcement measures and specific penalties targeting shareholders and actual controllers, strengthening control over them.The governor of Lower Saxony, Germany, stated that Germany and the EU will never tolerate unfair competition.The governor of Lower Saxony, Germany, said that layoffs will have a huge impact.The governor of Lower Saxony, Germany, said: "We must improve the competitiveness of German factories."

At The Close of Trade, Saudi Arabian Stocks Are up 0.18 Percent

Aria Thomas

Dec 26, 2022 14:34

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Sunday's market closing in Saudi Arabia was followed by increases in the Media & Publishing, Insurance, and Petrochemicals industries.


At Saudi Arabia's market close, the Tadawul All Share rose 0.18 percent.


Al Sagr Co-operative Insurance Co (TADAWUL:8180) had the strongest performance on the Tadawul All Share, gaining 10.00% or 1.24 points to conclude the day at 13.64. Amana Cooperative Insurance Co (TADAWUL:8310) gained 7.33 percent, or 0.66 points, to close at 9.66, while Wataniya Insurance Company (TADAWUL:8300) rose 5.07 percent, or 0.68 points, to 13.68 in late trading.


Al Yamamah Steel Industries Co (TADAWUL:1304) had the lowest performance throughout the session, declining 6.40 percent, or 1.56 points, to close at 22.82. Saudi Arabian Cooperative Insurance (TADAWUL:8100) fell 5.38 percent, or 0.70 points, to close at 12.30, but Perfect Presentation for Commercial Services Company PJSC (TADAWUL:7204) fell 4.17 percent, or 7.40 points, to 170.00.


On the Saudi Arabia Stock Exchange, declining equities outweighed gaining ones by 141 to 98, with 14 ending unchanged.


Al Yamamah Steel Industries Co (TADAWUL:1304) shares reached 52-week lows, declining 6.40%, or 1.56 points, to close at 22.82.


The price of crude oil for February delivery increased by 2.40 percent, or 1.86 dollars, to $79.35 a barrel. Brent oil for March delivery was steady, trading at $84.50 per barrel, while the February Gold Futures contract increased 0.60 percent, or 10.70 cents, to trade at $1,806.00 per troy ounce.


EUR/SAR increased 0.18 percent to 3.99, while USD/SAR remained constant at 3.76.


The US Dollar Index Futures fell 0.08 percent to 104.04.


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