SHANGHAI: China’s economy this year has shown signs of stabilizing and growing more strongly, and the momentum may continue in the second half, the central bank governor said on Saturday.
Positive progress has been achieved in economic transformation, said Zhou Xiaochuan in a statement posted on the People’s Bank of China’s website.
Zhou’s comment come ahead of a key Communist Party Congress than opens on October 18, and release of third-quarter economic growth and other data on October 19.
For the second quarter, China reported the economy expanded 6.9 percent from a year earlier.
Zhou said the country’s imports and exports have risen rapidly, its current account surplus has narrowed and fiscal income has kept growing.
China will pursue a proactive fiscal policy and a prudent monetary policy and aim to strengthen areas of weakness, deleverage and monitor and prevent risk in shadow banking and the real estate market, among other things, said Zhou, who spoke at a G20 summit meeting in Washington.
Chinese banks extended more loans than expected in September, according to data published on Saturday, buoyed by demand from home buyers and companies, even as the government tightened the screws to wean the economy off its years-long addiction to cheap debt.
China’s economic momentum may continue in second half
China’s economic momentum may continue in second half
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
