Saudi trading volumes rise as MSCI decision nears

[email protected] (Arab News)
June 8, 2017

Dubai, Jun 8: The Tadawul All Share Index (TASI) rose 0.2 percent on Wednesday in the heaviest trading volume this year as 87 shares rose and 63 declined.

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Buying of Saudi stocks favored by foreign funds, in anticipation of a decision by MSCI on June 20 to begin reviewing Riyadh for possible inclusion in its emerging market index, has buoyed the market in recent days.

Dairy producer Almarai rose 0.6 percent and its largest shareholder Savola Group added 0.7 percent, to its highest close in 17 months.

In Dubai, the largest listed real estate developer Emaar Properties surged 8.6 percent in its heaviest trade since April 2015 after it said it planned to offer up to 30 percent of its UAE real estate development business in an initial public offer (IPO). Subject to market conditions, funds raised through the IPO would be distributed to shareholders of Emaar.

The company said the IPO would be Dubai's largest since its flotation of Emaar Malls, which raised 5.8 billion dirhams ($1.58 billion) in 2014 and was heavily oversubscribed. Emaar Malls was up 1.6 percent.

The Dubai index climbed 2.5 percent, its largest single-day gain since December 2016.

In Abu Dhabi, Dana Gas rocketed 10.9 percent in very heavy trade after saying it had received $40 million from the Egyptian government towards its outstanding receivables; its current receivables balance in Egypt now stands at $187 million.

The Abu Dhabi index, however, fell 0.1 percent, weighed down by a 1.4 percent decline in shares of the largest listed bank, First Abu Dhabi Bank.

In Cairo, the index edged up 0.1 percent in its 12th consecutive session of gains to a fresh all-time high.

Ezz Steel soared 7.5 percent after the trade ministry imposed a temporary import tariff on rebar steel from China, Turkey and Ukraine to protect local manufacturers suffering from losses. The decision is valid for fourth months.

Qatar's stock market fell for a third straight day on Wednesday, hit by the breaking of diplomatic ties with its neighbors, though the pace of the drop slowed. The Qatari index lost 1 percent to a fresh 17-month low, taking its losses to 9.7 percent.

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April 14,2024

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Tehran: Iran’s Islamic Revolution Guards Corps (IRGC) has launched “extensive” retaliatory missile and drone strikes against the occupied territories in response to the Israeli regime’s terrorist attack of April 1 against the Islamic Republic’s diplomatic premises in the Syrian capital Damascus.

The Corps announced launching the strikes in a statement on Saturday night, defining the mission as "Operation True Promise."

“In response to the Zionist regime’s numerous crimes, including the attack on the consular section of Iran’s Embassy in Damascus and the martyrdom of a number of our country’s commanders and military advisors in Syria, the IRGC’s Aerospace Division launched tens of missiles and drones against certain targets inside the occupied territories,” the statement read.

Iran's Defense Minister Brigadier General Mohammad Reza Ashtiani, meanwhile, warned that “Whatever country that could open its soil or airspace to Israel for a [potential] attack on Iran, will receive our decisive response.”

The Israeli attack had resulted in the martyrdom of Brigadier General Mohammad Reza Zahedi, a commander of the IRGC's Quds Force, his deputy, General Mohammad Hadi Haji Rahimi, and five of their accompanying officers.

The terrorist attack drew sharp condemnation from senior Iranian political and military leaders, who vowed "definitive revenge."

During a speech in Tehran on Wednesday after leading the Eid al-Fitr prayers, Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said the Israeli regime “must be punished and will be punished” for the deadly strike on the Iranian diplomatic premises.

The Leader added, “The evil Zionist regime committed another mistake ...  and that was the attack on the Iranian consulate in Syria. The consulate and diplomatic missions in any country are considered to be the territory of that country. When they attack our consulate, it means they have attacked our soil."

In a subsequent statement, the IRGC said the retaliation came after 10 days of "silence and neglect" on the part of the international organizations, especially the United Nations Security Council, to condemn the Israeli aggression or punish the regime in line with Article 7 of the UN Charter.

Iran then resorted to the retaliatory strikes, the Corps added, "using its strategic intelligence capabilities, missiles, and drones" to attack "targets of the Zionist terrorist army in the occupied territories, successfully hitting and destroying them."

The statement, meanwhile, warned the United States -- the Israeli regime's biggest supporter -- that "any support or participation in harming Iran's interests will result in a decisive and regrettable response by the Armed Forces of the Islamic Republic."

"Furthermore, America is held responsible for the evil actions of the Zionist regime, and if this child-killing regime is not restrained in the region, it will bear the consequences," it noted.

The Corps concluded the statement by cautioning third countries against letting their soil or airspace be used for attacks against the Islamic Republic.

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April 15,2024

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The Iranian Army Chief Commander Major General Abdolrahim Mousavi says the country will not hesitate to give a “stormy and unified” response to any act of aggression against it.

In a Monday message marking the National Army Day, Mousavi said great defensive measures of the country’s Army and Armed Forces have resulted in strong deterrent power.

Iran has conveyed its message of power to the world in a way that the world has realized that the Iranian Armed Forces will give a “stormy and unified” response to any aggression against the country’s national interests, borders and security, he added.

The top commander noted that Iran’s firm response to an act of aggression by the usurping Israeli enemy against its diplomatic premises in the Syrian capital of Damascus brought joy to oppressed nations, especially the resilient people of Palestine and Gaza.

Mousavi emphasized that the retaliatory strikes, dubbed Operation True Promise, revealed only a part of the capacity and strong will of the Iranian Armed Forces and were carried out in cooperation among the Islamic Revolution Guards Corps (IRGC) Aerospace Division, the Army, and the Defense Ministry.

He said the Army has played a key role in strengthening the country’s defense power, independence and lasting security by implementing various measures.

It has constructed strategic drone and underground tactical bases and made hundreds of modern defense achievements in the land, air, sea and space sectors in addition to advancing in the fields of science and technology, he explained.

Now the enemies lack the courage to carry out any act of aggression against the Islamic establishment and the noble Iranian nation, the top commander said.

He added that Iran has staged several joint military drills to enhance national security and dignity.

The Israeli airstrikes on Iran’s embassy compound in Damascus killed two generals of Iran’s Islamic Revolution Guards Corps (IRGC), Brigadier General Mohammad Reza Zahedi and General Mohammad Hadi Haji Rahimi, as well as five of their accompanying officers.

In response, on Saturday night, the IRGC targeted the Israeli-occupied territories with a barrage of drones and missiles. The extent of the damage on Israeli military bases across the occupied territories is yet to be specified.

Following the reprisal, Iran warned Israel against taking any retaliatory actions and also urged the US to try not to involve itself in the conflict and signaled that it viewed the matter as “concluded.”

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April 17,2024

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Russian President Vladimir Putin says Iran’s “tactful and wise” response to Israeli aggression on its consulate in Syria was the best way to punish the aggressor.

Putin made the remarks in a phone conversation with President Ebrahim Raeisi on Tuesday.

“What the Islamic Republic of Iran did in response to what happened criminally and in the light of the inaction of the [UN] Security Council, was the best way to punish the aggressor and represented the tactfulness and rationality of Iran's politicians,” Putin said.

The Russian president said the Israeli regime’s “terrorist act” against the Iranian consulate in Damascus was against all international standards and rules.

He also strongly criticized the United States and certain Western countries for creating tension in the region. “We believe that the Islamic Republic of Iran is one of the main pillars of stability and security in the region.”

“We firmly declare that we will respond to any action against Iran's interests with greater force and broader and more painful than the previous [response],” President Raeisi said in the phone call.

The Iranian president also said Tehran's response to the Israeli regime was within the framework of international law, saying Israel’s terrorist act was a clear violation of international law and a serious threat to global peace.

“The destructive role of the US and some western countries and the inaction and inefficiency of international institutions, including the United Nations and the Security Council, in dealing with the aggressive action of the Zionist regime in attacking the Iranian consulate in Syria caused the Islamic Republic of Iran to exercise its right to self-defense.”

Raeisi further thanked Moscow for its “principled and constructive” stance against the Israeli aggression in Damascus. 

He appreciated the diplomatic efforts of the Russian government to thwart the conspiracies of the United States and certain Western countries in the UN Security Council.

“To those countries that have adopted double standards in the face of the crimes of the Zionist regime and express concerns about escalating tensions in the region, we advise them to rather stop supporting the Zionists genocide and crimes against the oppressed Palestinian people to preserve peace and stability in the region,” Raeisi said.

Iran’s Islamic Revolution Guards Corps (IRGC) launched extensive missile and drone strikes against the occupied territories late on April 13 in response to Israel’s missile attack on the consular section of the Iranian embassy in Damascus.

Operation True Promise has inflicted damage on Israeli military bases across the occupied territories. The extent of damage is yet to be specified. 

Brigadier General Mohammad Reza Zahedi, a commander of the IRGC Quds Force, his deputy, General Mohammad Hadi Haji Rahimi, and five of their accompanying officers were assassinated in the Israeli attack on Iran’s diplomatic mission.

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