Canada thrash France as Basketball World Cup tips off

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Canada guard Shai Gilgeous-Alexander shoots against France forward Nicolas Batum (5) during the Basketball World Cup Group H match between France and Canada at the Indonesia Arena stadium in Jakarta on Friday. (AP)
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Lebanon's Sergio El Darwich scores during the FIBA Basketball World Cup Group H match between Latvia and Lebanon at Indonesia Arena in Jakarta on Friday. (AFP)
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Updated 26 August 2023
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Canada thrash France as Basketball World Cup tips off

  • Canadians blew their opponents away, stepping on the gas in the second half to run away with a 95-65 victory
  • Philippines roared on by over 38,000 fans drop an 87-81 decision against Dominican Republic at  Philippine Arena

JAKARTA: Canada opened the Basketball World Cup with a statement win over France on Friday, while cohosts the Philippines fell short of a memorable victory in front of their raucous fans.

There were also wins for Italy, Australia, Montenegro, Latvia, the Dominican Republic, Lithuania and Germany as the tournament tipped off in the Philippines, Japan and Indonesia.

Canada came into the tournament with a squad packed with NBA talent but they faced a stiff test against France, who won silver at the Tokyo Olympics two years ago.

In the event the Canadians blew their opponents away, stepping on the gas in the second half to run away with a 95-65 victory.

Canada outscored the French 25-8 in the third quarter and Shai Gilgeous-Alexander finished as the game’s top scorer with 27 points, despite failing to get on the scoresheet in the first quarter.

“It’s always good to be rewarded when you’ve been working so hard, so I give these guys all the credit in the world,” said head coach Jordi Fernandez.

“The most important game of your life is your next game, and if we think differently, we’re wrong.”

Canada lost key guard Jamal Murray on the eve of the tournament, when he withdrew saying his body needed more time to recover after winning the NBA title with the Denver Nuggets last season.

“We have a lot of guys on this team that are hungry, talented, and ultimately just want to win,” said Gilgeous-Alexander.

“When you have those three things, you can do anything.”

Evan Fournier scored 21 points for France, who now take on Latvia on Sunday with their tournament hanging in the balance.

Fournier said his team “got our ass kicked.”

“As a team, they forced us to do things that we don’t want to do,” said the New York Knicks small forward.

“At first we were able to score every now and then, our defense was solid, but as the game went on they kept applying pressure and it just got the best of us.”

Elsewhere in Group H, tournament debutants Latvia beat Lebanon 109-70.

In Group A, the Philippines were roared on by over 38,000 fans as they took on the Dominican Republic at Philippine Arena in Bocaue, Bulacan outside Metro Manila.

They gave as good as they got against a Dominican side featuring three-time NBA All Star Karl-Anthony Towns.




Philippines' Jordan Clarkson shoots over Dominican Republic's Gelvis Solano during the FIBA Basketball World Cup Group A match between Philippines and Dominican Republic at Philippine Arena on Friday. (AFP)

But the home team came unstuck when star player Jordan Clarkson fouled out late in the fourth quarter, and went on to lose 87-81.

Head coach Chot Reyes was not impressed with the referee’s decision to call the final foul on Utah Jazz shooting guard Clarkson.

“I might get fined and we are a PG-13 audience here,” he said.

In the day’s other Group A game, Italy beat Angola 81-67.

In Group E, Australia made a slow start before eventually running out comfortable 98-72 winners over Finland on the southern Japanese island of Okinawa.

Josh Giddey flirted with a triple-double, claiming 14 points, nine rebounds and eight assists, while Patty Mills scored 25 points.

But 20-year-old Oklahoma City Thunder star Giddey warned that the Boomers must improve when they play Germany in their second game on Sunday.

“It’s hard in FIBA because it’s a shorter game — slow starts can cost you a ballgame,” said Giddey, whose team trailed after the first quarter.

“We were lucky tonight, we were switched on from the second quarter onwards.”

Elsewhere in Group E, Germany beat cohosts Japan 81-63, with 25 points from forward Moritz Wagner.

In Group D, Lithuania beat Egypt 93-67 and Montenegro beat Mexico 91-71.


What changed in Saudi stocks on the first day of foreign entry 

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What changed in Saudi stocks on the first day of foreign entry 

RIYADH: Saudi Arabia’s stock market saw foreign non-strategic investors reduce their ownership in nearly half of the companies listed on the main Tadawul All Share Index, or TASI, on the first day of implementing the decision to open the market to all categories of foreign investors, according to Tadawul data reflecting ownership positions as of Feb. 1  

According to the Financial Analysis Unit at Al-Eqtisadiah, foreign ownership declined in 120 companies, increased in 97 others, and remained unchanged in the rest, with no variation in the number of shares held by foreign investors. 

Foreign investors favor growth stocks 

Looking at the changes purely through valuation multiples — without factoring in operational or sectoral considerations — foreign investors appear to be reallocating ownership toward growth stocks at the expense of value stocks, with higher multiples used as an approximate indicator of growth. 

Ownership declines were concentrated in companies with lower valuation multiples, where the median price-to-earnings ratio stood at about 17.1 times and the median price-to-book ratio was around 2 times. 

Conversely, ownership rose in companies with higher multiples, with a median price-to-earnings ratio of 23.3 times and a median price-to-book ratio of 2.6 times. 

Mid- and small-cap firms see biggest changes 

Raoom, Entaj, and Obeikan Glass saw the largest declines in foreign ownership, dropping between 10 percent and 16 percent. In contrast, Tamkeen, SACO, and Abo Moati led gains, with foreign stakes rising 10 to 20 percent. 

In terms of overall foreign ownership, Al-Babtain, Rasan, and Etihad Etisalat topped the list at roughly 34 percent, 29 percent, and 24 percent, respectively.

Gradual foreign inflow and delayed impact 

The initial changes remain insufficient to reflect a major impact of the full foreign access decision, especially as the first day coincided with the weekend. Additionally, entry is expected to be gradual until financial institutions are fully ready to open accounts, particularly for individuals. 

Mohammed Al-Shammasi, CEO of Derayah Financial, has told Asharq that the firm received around 500 individual investor applications on the first day of full foreign access. 

Meanwhile, foreign institutions managing under $500 million can now invest directly in the market with easier access, joining more than 4,000 qualified foreign investors who already hold assets worth SR377 billion ($100.5 billion)