World Bank seeks more funds to address climate change, other crises: Reuters

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s Tadawul All Share Index inched up 31.67 points — or 0.30 percent — on Monday to close at 10,578.34, picking up from Sunday’s 68 points increase. 

The total trading turnover of the benchmark index on Monday rose to SR3.67 billion ($980 million) from Sunday’s SR2.3 billion. The advance-decline ratio endorsed the market sentiment as 176 stocks of the listed 223 moved further while 36 lagged. 

The slight pickup in the trading turnover is encouraging, especially after the International Monetary Fund managing director Kristalina Georgieva on Sunday warned that a third of the world would fall into recession in 2023.  

The turnover remained subdued in 2022 as the oil-led economic slowdown dampened investor sentiments. The total volume of shares traded last year declined by 35 percent to 43.5 billion shares compared to 66.9 billion in 2021. 

According to data compiled by Kuwait-based Kamco Invest, the total value traded during the year also declined by 23.8 percent to reach SR1.7 trillion compared to SR2.23 trillion in 2021. 

The sectoral pulse on Monday also gathered some sheen, as 18 of the 21 indices booked gains. The topmost gainer was the Capital Goods Index which advanced 173 points to close at 5,525.46. Its constituent Riyadh Cables upped 7.13 percent to close at SR39.80. 

Parallel market Nomu and MSCI Tadawul also rose 1.28 percent and 0.1 percent to close at 19,434.51 and 1,473.12, respectively. 

Stock markets in the Gulf Cooperation Council region on Jan. 2 moved cautiously as four of the six indices tanked while Qatar and Abu Dhabi progressed by 1.44 percent and 0.41 percent, respectively. 

On the announcements front, Saudi Cable Co. informed that it had scrapped its earlier capital reduction plans and planned to increase its capital to SR346.73 million through an SR280 million rights issue.  

The company pointed out that this amendment was based on many discussions with financial advisers. The board withdrew its previous recommendation to reduce capital, as it negotiated with several investors to purchase part of its debt, which will be converted into ordinary shares at nominal value.  

Ataa Educational Co. also informed that it signed a lease contract for an educational complex in the Sulaymaniyah district in Riyadh with Tatweer Buildings Co. for SR118.03 million. 

The integrated educational complex spans an area of 13,940 square meters, with an annual rental value of SR4 million, the company said in a statement on Tadawul. The share price of the company closed marginally lower at SR53.70. 

Meanwhile, Halwani Bros. Co. signed on Jan. 1 a Shariah-compliant credit facility agreement at SR120 million with the Gulf International Bank, according to a statement to Tadawul. 

The credit facility included a sum of SR100 million to finance the working capital, extending for one year and renewable on an annual basis, and a sum of SR20 million to fund treasury products which will extend for five years. The share price of the company climbed 2.91 percent to close at SR46. 

Real estate developer Cenomi Centers Co.’s board of directors also declared a 7.5 percent cash dividend or SR0.75 per share for the six months ended Sept. 30, 2022, totaling SR356.25 million. The company’s share price soared 4.31 percent to SR19.86. 

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