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Saudi Stock Exchange Ends Trading Higher after Early Losses

Investors talk with each other as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters file photo)
Investors talk with each other as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters file photo)
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Saudi Stock Exchange Ends Trading Higher after Early Losses

Investors talk with each other as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters file photo)
Investors talk with each other as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters file photo)

The Saudi stock market (Tadawul) closed its trading's Monday with a slight rise, recovering the losses of Sunday's trading affected by the news of global developments related to the new COVID-19 variant, Omicron, which swept the global financial and energy markets.

Saudi Stock Exchange's main index ended trading higher, gaining 22.81 points to close, at 10,810.60 points, with the total value of the trading reportedly reaching $1.7 billion. At the same time, the toll of shares traded was 189 million, divided into over 350,000 deals.

Data showed that 112 companies recorded an increase in their value, while the shares of 80 companies declined.

Oil prices plummeted by more than 11 percent on Friday amid fears that the newly detected heavily mutated Omicron COVID variant could prompt more restrictions and lockdowns globally and slow oil consumption.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 42.30 points, closing at 22,331.94 points, with a valuation of SAR 110 million and an overall tally of 2,600,000 stocks traded divided into as many as 5,080 deals.

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UAE, Serbia Sign Comprehensive Economic Partnership Agreement

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM
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UAE, Serbia Sign Comprehensive Economic Partnership Agreement

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić. WAM

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Serbian President Aleksandar Vučić have witnessed the exchange of a Comprehensive Economic Partnership Agreement (CEPA), paving the way for increased trade and investment flows and bilateral private sector collaboration.

Sheikh Mohamed commended the exchange of the CEPA as a key milestone in the relations between the UAE and Serbia.

“The CEPA exchange with Serbia is a notable step forward in our efforts to create a network of trade agreements that will accelerate investment, promote knowledge-sharing, and create opportunities for joint ventures in high-growth sectors,” he said.

“Serbia represents an important addition to the CEPA program and a bridge into the high-potential region of Eastern Europe. The UAE-Serbia CEPA reflects our shared ambition to establish a new era of collaboration between our nations and unlock long-term, sustainable growth for both our economies.”

The Serbian President expressed confidence that the agreement would pave the way for new opportunities in economic cooperation and diversification, fostering sustainable growth and prosperity for both nations.

Once implemented, the UAE-Serbia CEPA is expected to remove or reduce duties on product lines, lift unnecessary barriers to trade, protect intellectual property rights, support small and medium-sized companies, and facilitate mutual investment flows.

The UAE is the third-largest market for Serbian exports in the Middle East, and increased FDI has been directed toward high-priority sectors, including renewable energy, agriculture, food security, infrastructure, and logistics.