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Saudi Stocks Hit New Records

Saudi Stocks Hit New Records
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Saudi Stocks Hit New Records

Saudi Stocks Hit New Records

Saudi Arabia’s main equities index closed on Tuesday at its highest since 2015.

Tadawul All Share Index (TASI) gained 14.53 points to close at 9,660.27 points, and the value of trading amounted to SAR16.4 billion ($4.3 billion).

Meanwhile, the toll of shares traded was more than 725 million, divided into over 600,000 deals, during which the stocks of 56 companies ended the trading higher, while the shares of 134 companies slumped.

The parallel Saudi stock index “Nomu” also closed Tuesday up 90.45 points reaching 23711.14 points, with trades amounting to SAR29 million, and the number of traded shares reaching 290,000 shares, divided into 1,174 deals.

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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)

The International Monetary Fund (IMF) warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.

"The tit-for-tat retaliatory tariffs threaten to disrupt growth prospects across the region, leading to longer and less efficient supply chains," IMF Asia-Pacific Director Krishna Srinivasan said at a forum in Cebu on systemic risk.

Srinivasan's remarks come amid concerns over US President-elect Donald Trump's plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.

Tariffs could impede global trade, hamper growth in exporting nations, and potentially raise inflation in the United States, forcing the US Federal Reserve to tighten monetary policy, despite a lackluster outlook for global growth.

In October, the European Union also decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%, prompting retaliation from Beijing.

The IMF's latest World Economic Outlook forecasts global economic growth at 3.2% for both 2024 and 2025, weaker than its more optimistic projections for Asia, which stand at 4.6% for this year and 4.4% for next year.

Asia is "witnessing a period of important transition", creating greater uncertainty, including the "acute risk" of escalating trade tensions across major trading partners, Srinivasan said.

He added that uncertainty surrounding monetary policy in advanced economies and related market expectations could affect monetary decisions in Asia, influencing global capital flows, exchange rates, and other financial markets.