Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Arabia- CMA revokes license of Portfolio Brokerage  Join our daily free Newsletter

MENAFN - Arab News - 17/08/2009

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) The Saudi stock market edged higher slightly on Sunday. The Tadawul All-Share Index (TASI) increased by 16.98 points to close at 5,855.25.

With the market closing slightly positive, the sector movement was also positive on Sunday with only 5 sectors closing negatively, with losses ranging from 0.05 percent in the Real Estate Development sector to 0.50 percent in the Transport sector.

Sector gains on the other hand ranged from 0.02 percent in Building & Construction to 2.02 percent in Cement across 10 sectors. Overall market breadth was however negative, with 52 advancers and 60 decliners giving an AD ratio of 0.87, the Jeddah-based Financial Transaction House (FTH) has said.

Liquidity has stabilized, again coming in at SR3.7 billion on Sunday. "The stagnant market continues, and we look for external news to push the market out of the tight range bound," the FTH said in its daily market commentary on Sunday.

SABB Takaful was the top gainer on Sunday as its shares jumped 9.87 percent to SR61.25 as its rights issue started on Saturday. A number of 24 million new shares are offered through rights issue representing a 240 percent increase in SABB Takaful's shares to 34 million. Shares are being offered at SR12.5 per share. The rights issue offering period will continue for ten working days until Aug. 26.

The offering is open to all SABB Takaful registered shareholders as of the close of trading on Aug.8, 2009. Twelve shares are allocated for every 5 shares held by shareholders on the eligibility date.

Receiving banks for the SABB Takaful rights issue are The Saudi British Bank (SABB), Al-Rajhi Bank, the National Commercial Bank (NCB), Bank AlJazira, and Samba Financial Group.

The insurance sector was mostly in the red on Sunday. Alahli Takaful Company shares plunged 9.90 percent to close at SR186.50. Shares in Saudi IAIC Cooperative Insurance Co. fell by 6.02 percent, Saudi Indian Company for Cooperative Insurance by 3.17 percent, Al-Sagr Cooperative Insurance Co. by 3.08 percent and Al-Ahlia Insurance Company by 2.78 percent.

The Capital Market Authority's (CMA's) board of commissioners on Sunday announced its decision to revoke the license granted to Portfolio Brokerage and Financial Services Company for not fulfilling the requirements and conditions prior to commencing the business.

The CMA had authorized Portfolio Brokerage and Financial Services Company

based on the Capital Market Law to conduct dealing as underwriter, managing, arranging, advising and custody in the securities business on Jan. 31, 2007. However, the CMA said in a statement on Tadawul website on Sunday that despite extending licensing period to commence business, Portfolio Brokerage and Financial Services Company has not fulfilled the requirements and conditions and thus is not in a position to commence the business.

The CMA, in continuance with its efforts to develop and support investors in the capital markets, on Sunday authorized Ewaan Capital to conduct managing, arranging, advising, and custody in the securities business.

It also allowed Barclays Saudi Arabia to conduct dealing as an agent & underwriter, managing, arranging, advising and custody.

Societe Generale Saudi Arabia also received CMA approval to conduct dealing as an agent, managing, arranging, advising and custody in the securities business.

The CMA approved on Sunday the amendment to the business profile of Rasmala Investment Saudi to include dealing as principal, agent, and underwriter, managing, arranging, advising and custody in the securities business.

By Khalil Hanware


  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014King bids to reassure Saudis as MERS deaths hit 85 ,AFP
(MENAFN - AFP) King Abdullah was in the Saudi commercial hub of Jeddah on Thursday in a bid to reassure a worried public as the death toll from the MERS virus hit 85. The Red Sea city has seen a ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014QBA strengthens economic ties with Kenya ,MENAFN
(MENAFN) Members of the elite Qatar Businessmen's Association (QBA) stated their willingness to cooperate with their Kenyan peers, strengthening economic ties between Qatar and Kenya, The Peninsula ...

Apr 24 2014Russian Lebanese Foreign Ministers to Discuss Situation ,Qatar News Agency
(MENAFN - Qatar News Agency) scow April 24 - Russian Foreign Minister Sergei Lavrov and his Lebanese counterpart Gebran Bassil will discuss bilateral relations at a meeting in Moscow on Thursday as ...

Apr 24 2014Kuwait inflation edges up 2.96% y/y in March ,Arab Times
(MENAFN - Arab Times) Wait city april 23 (kuna): kuwait's annual record of the general index of consumer prices (inflation) rose in march by 2.96 percent compared with the same month of last year ...

(MENAFN Press) The events in Ukraine have had a limited impact on MENA markets. Despite the Dubai index sliding 1.5%, trading volumes remained healthy. Quarterly corporate earnings results released ...

Apr 24 2014Careers UAE pushes for womens empowerment ,MENAFN Press
(MENAFN Press) Recognising the increasingly important role of UAE National women in the country's developmental march, Careers UAE 2014 offered an ideal platform to empower working women with a key ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Saudi government to invest in medical project ,MENAFN
(MENAFN) A cooperation agreement between China International Development and Investment Corporation Limited (CIDIC) and Saudi developer Trans Sadara Company has been established to form Lana medical ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help