China’s stocks fell, dragging the benchmark index down the most in more than three months, after Premier Wen Jiabao said home prices are still far from reasonable levels.
The Shanghai Composite Index (SHCOMP) slumped 2.6 percent at the close, reversing an earlier 0.8 percent gain. A relaxation of curbs on the property market would lead to “chaos,” Wen said at a press conference in Beijing today. A gauge tracking property stocks sank 3.7 percent, led by Poly Real Estate Group Co., while Anhui Conch Cement Co. paced losses by building- material companies.
Kingdom heading for healthier trade balance
The economic environment is favorable for local businesses and the depreciation of currencies against the dollar will support a healthier trade balance, a local bank says in its report.
Kuwait crude oil at $99.59
The price of Kuwaiti crude oil spiked 45 cents in Friday’s transactions, reaching the level of $99.59 a barrel compared to $99.14 the day before, according to oil prices announced by Kuwait Petroleu
Mobily fund to invest in technology startups
Mobily to foster its position of innovation and market leadership by the launch of “Mobily Ventures”, the Corporate Venture Capital arm of Mobily. Mobily Ventures invests in high-tech startup compani