Saudi Stock Exchange Main Index Ends Trading Lower at 11,199 Points

Riyadh, Saudi Stock Exchange’s main index ended trading lower here today, losing 115.48 points to close, at 11,199.84 points.

The total value of the trading reported was SAR 7 billion, while the toll of shares traded was more than 220 million, divided into over 360,000 deals.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 752.32 points, to close at 25,952.44 points, with a valuation of SAR 170 million and an overall tally of more than 1,000,000 stocks traded and divided into as many as 6,219 deals.

Source: Saudi Press Agency

Election Victory of Shiite Cleric Could Break Iran’s Grip on Iraqi Politics, Observers Say

AMMAN, JORDAN — With Iraq’s October parliamentary election results now ratified, political parties are negotiating the composition of the country’s next government.

Observers say they see alliances between different groups changing, not based on ideology but on narrow political interests. The central focus now is on who will become Iraq’s next prime minister as the country struggles over its future direction.

The election victory by nationalist Shiite cleric Muqtada al-Sadr has the potential to break Iran’s grip on Iraqi politics, observers say.

Osama Al Sharif, an Amman-based Middle East political commentator, says al-Sadr is one of Iraq’s few political figures calling for the dissolution of armed pro-Iranian militias.

Writing in the Saudi Arab News daily, Al Sharif said al-Sadr’s Sairoon alliance is “the only one brave enough to denounce the political quota system and the rampant corruption beleaguering the new Iraq.”

And perhaps that’s precisely why, Al Sharif said, Iraqi voters gave al-Sadr’s parliamentary bloc 73 seats “at the expense of pro-Iran blocs such as Hadi Al-Amiri’s Fatah coalition — a political front for the pro-Iran militias.”

But Iraqi journalist Mina Al Oraibi, writing in Dubai’s The National newspaper, says that despite al-Sadr’s win, he does not have a majority. “Given the shifting alliances,” she wrote, “it is unclear whether [he] can pull together a majority in parliament to name the next prime minister, who will be tasked with forming the future government.”

Al Oraibi and other observers say they would like to see Iraqi Prime Minister Mustafa al-Kadhimi maintain his position, saying that “al-Kadhimi still represents Iraq’s best chance at stability.”

Senior analyst Nicholas Heras with the Newlines Institute in Washington says there are no guarantees at this time that al-Kadhimi will keep his post.

“There is a distinct possibility that Kadhimi will be replaced. Although there is no clear answer as to who his replacement would be. Fundamentally, Kadhimi came into office in the spring of 2020 as sort of a compromise candidate. The Iranians, the Americans, the Shia, the Sunni, the Kurds, other groups could all sort of come to the agreement that he was the best of whatever was available in terms of options, and there is still this sense that Kadhimi could play that role,” Heras said.

Journalist Al Oraibi says al-Kadhimi’s strength as prime minister is “that he is not beholden to a political party and is largely seen as a nationalist, not swayed by ethnic or sectarian beliefs.”

Source: Voice of America

Saudi Press: Saudi Arabia Witnesses Major Qualitative Developmental Leaps in its Legislation and Justice Systems

Riyadh, Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas.

Al-Bilad newspaper reported in its editorial that the Kingdom of Saudi Arabia is witnessing major qualitative developmental leaps in its legislation and justice systems that promote rights in various fields and achieve sustainable development.

In this regard, the Cabinet’s approval of the Regulation of Evidence came as the first of four bylaws announced earlier by HRH the Crown Prince which included civil status draft bylaw, civil transactions draft bylaw, and the criminal draft bylaw on discretionary penalties, the paper said.

Such regulation establishes principles based on fixed references in judicial work, along with basic pillars in achieving transparency and justice, the paper added.

Meeting the requirements of life was taken into consideration under the provisions of the Islamic Sharia and the Kingdom of Saudi Arabia’s international commitments, the paper further added.

These major achievements reinforce the message of justice to protect society, individuals, rights and property and upgrade the level of integrity and the efficiency of the performance of justice agencies, in addition to increasing the reliability of procedures and oversight mechanisms to achieve the principles of justice that enjoy all the support of the wise leadership, the paper concluded.

Source: Saudi Press Agency

KSrelief Assistant Supervisor General Meets Yemeni Undersecretary of Health Ministry

Riyadh, King Salman Humanitarian Aid and Relief Center (KSrelief) Assistant Supervisor General for Operations and Programs Eng. Ahmad bin Ali Al-Baiz at KSrelief’s headquarters in Riyadh today met with Yemeni Undersecretary of the Ministry of Public Health and Population Dr. Shawqi Abdulilah Al-Sharbaji.

During the meeting, talks discussed humanitarian and relief projects being offered by the Kingdom of Saudi Arabia, through KSrelief, to support the Yemeni health sector, and reviewed efforts exerted to combat the coronavirus (COVID-19) pandemic in Yemen.

Dr. Al-Sharbaji praised the Saudi support provided through KSrelief to the health sector in his country, which would improve the performance of the health facilities in various Yemeni governorates.

KSrelief has implemented 293 projects with a total value of USD768.717 million to enhance health services in Yemen.

Source: Saudi Press Agency

Ministry of Health Reports 744 New COVID-19 Cases, 231 Recoveries in Saudi Arabia

Riyadh, The Ministry of Health (MoH) announced the registration of 744 confirmed COVID-19 cases and 231 recoveries in the Kingdom of Saudi Arabia during the past 24 hours.

The ministry added that the number of critical cases reached 43.

The ministry’s statistics showed that the total number of infections in the country reached 554,665, while the recovery tally reached 541,388.

MoH reported one new death, bringing the fatalities tally in the Kingdom to 8,874.

The Ministry of Health advised everyone to contact 937-Service Center for consultations and inquiries around the clock, obtaining reliable health information and services, as well as knowing the latest development of COVID-19.

Source: Saudi Press Agency

Seoul Shares End Lower on Ex-Dividend Date, Profit-Taking

Seoul, Seoul shares closed lower Wednesday on ex-dividend date and profit-taking amid lingering concerns over the economic implications of the omicron strain, Yonhap reported.

The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.95 points, or 0.89 percent, to 2,993.29 points.

Trading volume was moderate at about 536.6 million shares worth some 10.8 trillion won (about US$9 billion), with decliners outnumbering gainers 439 to 438.

Institutions and foreigners sold a combined 1.86 trillion won worth of stocks, while individuals purchased a net 1.84 trillion won. The main KOSPI index rose 6.4 percent this month through Tuesday.

Tech and auto stocks were lead decliners. Market bellwether Samsung Electronics Co. fell 1.9 percent to 78,800 won, No. 2 chipmaker SK hynix Inc. dipped 0.4 percent to 127,000 won, top carmaker Hyundai Motor Co. dropped 0.9 percent to 212,000 won, and Hyundai’s affiliate Kia Corp. shed 1.3 percent to 83,400 won.

Among gainers, national flag carrier Korean Air Lines Co. jumped 3.3 percent to 29,950 won and No. 2 carrier Asiana Airlines Inc. climbed 4.1 percent to 20,350 won, and leading refiner SK Innovation Co. gained 5.8 percent to 239,000 won. The local currency closed at 1,186.50 won against the U.S. dollar, up 1.50 won from the previous session’s loss.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.3 basis point to 1.783 percent, and the return on the benchmark five-year government bond declined 1.7 basis points to 1.974 percent.

Source: Saudi Press Agency