Asian stocks swung between gains and losses after conflicting economic data from the U.S. and Europe clouded the earnings outlook for Asia’s exporters.
Samsung Electronics Co. (005930), South Korea’s biggest exporter of consumer electronics, rose 1.5 percent. BHP Billiton Ltd. (BHP), Australia’s biggest mining company lost 2.3 percent as metal prices slid after Chinese Premier Wen Jiabao yesterday cut the growth target for the world’s second-largest economy. Bridgestone Corp. (5108), the world’s largest tiremaker, jumped 1.5 percent after saying it will build a plant in Thailand.
The MSCI Asia Pacific Index was little changed at 126.88 as of 9:56 a.m. in Tokyo after swinging between gains and losses at least four times. The measure lost 1 percent yesterday.
SAMA net foreign assets reach SR2.737 trillion
The Kingdom’s M3 money supply growth edged up to 12.3 percent year-on-year in June from a five-month low of 12.1 percent in the previous month, Saudi Arabian Monetary Agency (SAMA) data showed.
However, due to the limited availability of stock, leasing de
Arabtec Q2 net profit up 11pc
Arabtec, the construction company at the centre of Dubai’s stock market turmoil, reported an 11 percent rise in second-quarter profit yesterday, missing analysts’ estimates.
Net profit cli
Saudi water membrane facility project awarded
The Dow Chemical Company has awarded Fluor Corporation the engineering, procurement and construction (EPC) contract for its Reverse Osmosis (RO) manufacturing facility in Saudi Arabia.