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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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World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
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World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

World leaders are converging Tuesday at the United Nations annual climate conference in Baku, Azerbaijan although the big names and powerful countries are noticeably absent, unlike past climate talks which had the star power of a soccer World Cup.

But 2024's climate talks are more like the World Chess Federation finals, lacking the recognizable names but big on nerd power and strategy. The top leaders of the 13 largest carbon dioxide-polluting countries will not appear with their countries responsible for more than 70% of 2023's heat-trapping gases.

Biggest polluters and strongest economies China and the United States aren't sending their No. 1s. The four most populous nations with more than 42% of all the world's population aren't having leaders speak.

“It’s symptomatic of the lack of political will to act. There’s no sense of urgency,” said climate scientist Bill Hare, CEO of Climate Analytics. He said this explains “the absolute mess we’re finding ourselves in.”

On Tuesday, Azerbaijan’s president Ilham Aliyev, United Kingdom’s Prime Minister Keir Starmer and Türkiye's President Recep Tayyip Erdogan are the headliners of among the nearly 50 leaders set to speak.

But there'll be a strong showing expected from the leaders of some of the world’s most climate-vulnerable countries. Several small island nations presidents and over a dozen leaders from countries across Africa are set to speak over the two-day World Leaders’ Summit at the COP29 conference.