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Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi Stocks Resume Trade Activity, Jump 137 Pts
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Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi stock market gains jumped on Tuesday with trade activity resuming after a two-day holiday celebrating the Kingdom’s 88th National Day.

Jumping 137 points, the Saudi index closed at 7,905 points on Tuesday, well above its 200-day average. Analysts read into the jump as a positive technical signal for the index.

The number of shares traded exceeded 121 million shares in over 99 thousand transactions.

In a related context, the Saudi Arabian Capital Market Authority (CMA) approved the initial public listing of 30 percent, or 6 million shares, of Gulf Steel Works Company.

"The prospectus will contain the information and data that the investor needs to know before making the investment decision or not, especially with respect to share prices and financial statements of companies," the market regulator said in a statement.

The prospectus will include all relevant information including the share price, the company's financial statements, activities and management. The document will be published within sufficient time prior to the start of the subscription period.

According to the CMA, the approval will be valid for six months from the board resolution date and will be canceled if the offering and listing of the company's shares are not completed within this period.

However, the CMA approval of the request should not be considered as an endorsement of the feasibility of the investment in the offering or in the shares of the company concerned.

The decision to approve the request means that the regulatory requirements have been complied with in accordance with the Capital Market Law and its Implementing Regulations, the CMA’s statement added.

These developments come after the Saudi Council of Economic and Development Affairs (CEDA) approving the Financial Sector Development Program 2020, which is one of the main programs to achieve goals of the Saudi Vision 2030.

The program’s objectives include creating a diversified and effective financial services sector to support the development of the national economy, diversify its sources of income, and stimulate savings, finance, and investment by addressing the sector’s challenges.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."