RIYADH: National Shipping Co. of Saudi Arabia, better known as Bahri, has started the issuance of SR3.9 billion ($1.04 billion) Sukuk, denominated in Saudi Riyals.

The offering started on June 16, and will end on July 21, the Saudi-listed firm said in a bourse filing.

Al Rajhi Capital Co., HSBC Saudi Arabia, and SNB Capital Co. have been selected to act as lead managers and book runners.

The company will use proceeds to refinance the existing Sukuk which will mature later this year in July.

Bahri is a joint venture between Saudi Aramco and the Public Investment Fund, operating a fleet of 89 tankers and container ships that transport oil, petrochemicals, and other types of cargo.

RIYADH: Saudi Arabia’s General Authority for Competition has rejected National Gas and Industrialization Co.’s, or GASCO’s, acquisition deal with Best Gas Carrier Co., a bourse filing revealed.

Earlier in February, Saudi-listed GASCO signed a deal to invest SR29 million ($7 million) and take a majority stake of 55 percent in Best Gas Carrier.

Best Gas Carrier operates by purchasing gas-filled and empty cylinders from GASCO and reselling them to end-users.

RIYADH: Saudi Arabia’s stock market opened higher In the last trading session of the week following a slight dip in oil prices.

The main index, TASI, rose 0.45 percent to reach 12,031, while the parallel market, Nomu, rose 0.38 percent to 21,383, as of 10:06 a.m. Saudi time.

In energy trading, Brent crude reached $119.42 a barrel and US West Texas Intermediate traded at $116.36 a barrel, as of 10:09 a.m. Saudi time.

Al Alamiya for Cooperative Insurance Co. topped the gainer's list with a 3.35 percent gain, after it secured a SR72 million ($19.2 million) insurance deal with Riyad Bank.

The shares of Al Sagr Cooperative Insurance Co. plunged 2.20 percent to lead the decliners in the list.

In the pharma sector, Aldawaa Medical Services Co. rose 0.56 percent, while Nahdi Medical Co. declined 0.26 percent.

Shares of Saudi Aramco, the largest player on the Saudi oil market, opened the day up 0.39 percent.

Both the telecom giants stc and Zain KSA gained 1.66 percent and 0.77 percent respectively.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi added 1.12 percent, while Alinma Bank rose 1.83 percent.

National Shipping Co. of Saudi Arabia, better known as Bahri, increased 0.96 percent, after it started the issuance of SR3.9 billion SR-denominated Sukuk.

BEIJING: China’s yuan climbed to a near one-week high against the dollar on Thursday, after the Federal Reserve delivered its biggest rate hike in decades but flagged that such an outsized increase would not be common.

The dollar eased from a 20-year high against a basket of currencies after the US central bank approved its biggest interest rate hike since 1994, lifting the target federal funds rate by a widely expected 75 basis points to a range of between 1.5 percent and 1.75 percent.

Prior to market opening, the People’s Bank of China set the midpoint rate at 6.7099 per dollar, 419 pips or 0.6 percent firmer than the previous fix 6.7518.

In the spot market, onshore yuan opened at 6.6956 per dollar and was changing hands at 6.7006 at midday, 152 pips firmer than the previous late session close.

China home prices fall again

China’s new home prices in May fell for the second month this year, depressed by still fragile demand as widespread COVID-19 curbs dented already weak buyer confidence, suggesting more policy stimulus is needed to return the market to growth.

Average new-home prices in 70 major cities dropped 0.1 percent on a month-on-month basis, after a 0.2 percent decline in April, according to Reuters calculations based on National Bureau of Statistics data released on Thursday.

From a year earlier, prices slipped 0.1 percent, down for the first time since September 2015 and retreating from a 0.7 percent gain in April.

Year-on-year price growth has eased since May last year due to a slowing economy, tight mortgage disbursement and as sentiment weakened amid a liquidity crisis that led to some high-profile loan defaults by developers.

Shares of mainland developers fell on Thursday, with the CSI300 Real Estate Index down around 0.5 percent after opening up about 2 percent.

Joincare Pharmaceutical plans Swiss listing

China’s Joincare Pharmaceutical Group Industry Co. said on Thursday it plans to list on the Swiss stock exchange in a bid to broaden financing channels and ramp up its global expansion.

Joincare’s plan to issue Global Depository Receipts on the SIX Swiss Exchange, disclosed in an exchange filing, makes it the latest Chinese company to tap a cross-border investment channel linking China and European markets.

RIYADH: Gold prices inched lower on Thursday as the dollar recovered slightly after a large but widely expected interest rate hike by the US central bank sent the currency tumbling in the previous session.

Spot gold fell 0.1 percent to $1,831.63 per ounce, as of 0235 GMT, while US gold futures rose 0.8 percent to $1,833.40.

Spot silver firmed 0.1 percent to $21.67 per ounce, while platinum gained 0.2 percent to $940.98. 

Chicago soybean futures rose on Thursday as traders scooped up bargains after a four-day slide, although forecasts of improved weather in parts of the US Midwest kept a lid on prices.

Wheat gained ground after closing largely unchanged on Wednesday.

The most-active soybean contract of the Chicago Board of Trade climbed 0.8 percent to $17.07-1/2 a bushel, as of 0322 GMT. Wheat rose 0.7 percent to $10.57 a bushel and corn gained 0.4 percent to $7.77 a bushel.

Copper edges up on hopes of recovery in China

Copper and aluminum prices rose on Thursday, supported by lower inventories, hopes of recovery in top metals consumer China and a 75 basis point interest rate hike by the US Federal Reserve in a widely expected move.

Three-month aluminum on the London Metal Exchange gained 2 percent to $2,645 a ton, as of 0247 GMT, while copper rose 1 percent to $9,322 a ton.

The most-traded July aluminum contract in Shanghai was up 1.3 percent at $3,013.44 a ton. 

RIYADH: Saudi Arabia’s main stock index TASI fell below the 12,000 level for the first time in months on Wednesday, as investor fears shifted to a possible global recession.

TASI dropped 0.35 percent to close at 11,978, and the parallel market Nomu shed almost 1 percent to 21,301.

Stock exchanges of Qatar, Egypt, and Oman retreated in line with Saudi Arabia.

However, Dubai’s bourse added 1.2 percent to lead the gainers in the region. Abu Dhabi, Bahrain, and Kuwait also advanced between 0.2 and 0.4 percent.

Oil prices were down on Thursday, with Brent crude reaching $118.96 a barrel and US West Texas Intermediate falling to $115.89 a barrel at 9:02 a.m. Saudi time.

Naba Alsaha Medical Services Co., International Human Resources Co., and Rawasi Albina Investment Co. got approval from the Capital Market Authority for listing on Saudi Arabia’s parallel stock market

Saudi Real Estate Co. restructured a SR2.07 billion ($551 million) loan with the Saudi National Bank to optimize the company’s cash flows

AME Co. for Medical Supplies received shareholders’ approval to distribute SR1.75 per share in cash dividends for 2021

Riyadh Cement Co. named Salah Al-Rashed as board chairman and Khaled Al-Mulhem as vice-chairman

Al Alamiya for Cooperative Insurance Co. secured a SR72 million deal to provide insurance services to Riyad Bank

Shareholders of Fesh Fash Snack Food Production Co. approved the payout of SR1 per share in cash dividends for 2021

The Mediterranean and Gulf Cooperative Insurance Co. appointed Rakan Abunyan as chairman of the board and Youssef Al Yousefi as vice chairman for a three-year term

Mouwasat Medical Services Co. received approval from the Ministry of Health to start operations at its new hospital in Madinah

Amwaj International Co. will start trading its shares on the parallel Nomu market

Rabigh Refining and Petrochemical Co.’s rights trading ends

Rabigh Refining and Petrochemical Co.’s subscription to new shares ends