Saudi Arabian stocks rose the most in three weeks as crude oil climbed past US$65 a barrel and evidence mounted that the global economy is on the road to recovery. The Tadawul exchange, the only Gulf exchange that is open to trading on Saturdays, gained 2.34 per cent to 5924.96, its highest value since May 9.
Saudi Basic Industries Corporation (SABIC), the world's largest chemical maker by market value, led the gains among oil and chemical companies with a rise of 6.18 per cent to 68.75 Saudi riyals. Halwani Brothers, the Saudi Arabia-based food maker, rose to its highest level in more than a year of 40.8 riyals.
"There haven't been specific disclosures to push the market up coming from the listed firms, the gains are mainly driven by the rise in oil prices at the moment," said Ayman el Saheb, the director of operations at Darahem Financial Brokerage. Analysts say signs of economic recovery are also helping confidence return to the markets. "Global optimism is another catalyst that's pushing the index higher," Ali Khan, the managing director of Arqaam Capital, told Bloomberg.
The Tadawul All Share Index is up more than 5 per cent this month. With the Saudi market starting the week on gains and high trading volumes, supported by rising oil prices, Gulf shares are expected to climb this week. Petrochemical stocks are poised for gains, with crude oil futures rising for the fifth straight day on Friday and hitting a six-month high of US$66.47 a barrel, fuelling stocks such as the bellwether SABIC.
"We expect that the Saudi stock market will be stable during this week as investors regain confidence in light of the improvement of global economic conditions," Bakheet Investment Group, or BIG, told Zawya Dow Jones. The market fell about 4.3 per cent last week on profit taking after a sharp rally starting in early March, although the Tadawul benchmark index remains the Gulf's best performer this year, up more than 21 per cent. Stocks worldwide rallied on Friday after reports showed industrial production in Japan increased the most since 1953, while India's economy expanded faster than economists estimated.
Crude oil for July delivery rose $1.14, or 1.8 per cent, to $66.22 a barrel, the highest since Nov 4. Oil has advanced 30 per cent this month, the biggest monthly increase since March 1999. Saudi Arabia is the world's largest oil exporter.
Saudi Electricity, the state-controlled power producer, rose 1 per cent to 10 riyals after the company said it would establish new electricity generation, transport and distribution units as part of its restructuring plans.
shamdan@thenational.ae
* with agencies
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
TALE OF THE TAPE
Floyd Mayweather
- Height
- Weight
- Reach
- Record
Conor McGregor
- Height
- Weight
- Reach
- Record
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
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Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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