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Turkey has a new central bank governor: Turkish President Recep Tayyip Erdogan has appointed Fatih Karahan (bio) as the new head of the country’s central bank after its former governor Hafize Gaye Erkan stepped down, claiming to be facing a smear campaign from local media, Bloomberg wrote.
About Karahan: He has experience working as an economist at the New York Fed and Amazon. He taught at Columbia University and New York University and received his PHD in economics from the University of Pennsylvania. He has been serving as the central bank’s deputy governor since July 2023.
Too much change for an already fragile economy: Erkan held the position for a mere eight months but resigned following allegations that her father was involved in the bank’s affairs. The TRY fell against the greenback following the news, dipping 0.5% to 30.5 per USD — the currency is down 23% against the USD since Erkan assumed her position in June.
ALSO ON PLANET FINANCE-Plans laid for delayed Reddit IPO: Social media platform Reddit has chosen the New York Stock Exchange for its market debut penciled in for March. The company is aiming for an initial valuation of USD 5 bn when it goes public, down from a USD 10 bn valuation in 2021, an unnamed source told the Financial Times.
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TASI |
11,914.29 |
+1% (YTD: -0.4%) |
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MSCI Tadawul 30 |
1,548.13 |
+1.2% (YTD: -0.2%) |
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USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
28,434.37 |
+0.5% (YTD: +14.2%) |
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ADX |
9,456.25 |
-0.1% (YTD: -1.3%) |
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DFM |
4,228.74 |
+0.2% (YTD: +4.2%) |
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S&P 500 |
4,958.61 |
+1.1% (YTD: +4%) |
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FTSE 100 |
7,615.54 |
-0.1% (YTD: -1.5%) |
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Euro Stoxx 50 |
4,654.55 |
+0.3% (YTD: +2.9%) |
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Brent crude |
77.33 |
-1.7% |
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Natural gas (Nymex) |
2.08 |
+1.4% |
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Gold |
2,053.70 |
-0.8% |
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BTC |
43,042.41 |
-0.2% (YTD: +81.4%) |
THE CLOSING BELL-
The TASI rose 1% yesterday on turnover of SAR 8.2 bn. The index is down 0.4% YTD.
In the green: Saudi German Health (+8.4%), AlBaha (+7.7%) and Anam Holding (+6.5%).
In the red: Buruj (-5.3%), Wataniya (-4%) and AlSagr Ins. (-3.5%).
CORPORATE ACTIONS-
Albilad Saudi Sovereign Sukuk ETF will distribute SAR 0.046 as dividends for unit holders for January, it said in a disclosure to Tadawul. Unitholders registered by 5 February will receive payment within 10 business days.
