7 things to watch on Tadawul April 9

Here are a few things you need to know as Saudi stocks start trading on Sunday. 

1) Nama Chemicals Co. on Thursday submitted its request to reduce capital to the Capital Market Authority (CMA). The company’s board of directors had earlier recommended an 81.7 percent capital cut to SAR 235.2 million from SAR 1.28 billion to offset losses.

2) Buruj Cooperative Insurance Co.’s board of directors on Thursday recommended a 5 percent cash dividend to be issued at the rate of SAR 0.5 per share for fiscal year 2016 – its first payout since listing.

3) Middle East Healthcare Co. (MEAHCO), the operator of the Saudi German Hospitals (SGH), has signed a contract with state-run Saudi Electricity Co. (SEC) to provide medical services for the utility’s employees, it was reported on Thursday.

4) Standard & Poor’s Financial Services has affirmed rating on Saudi Arabia with a stable outlook and said that it expects the kingdom’s financial position to remain strong over 2017-2020.

5) Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman announced the launch of a sports and entertainment city in Riyadh, in which the kingdom’s sovereign wealth fund, Public Investment Fund, will be the largest investor.

6) Oil prices edged up last week after US air strike on Syria stoked fears of supply disruption. Brent crude gained 0.6 percent to reach $55.24/bbl and WTI crude added 1 percent to $52.24/bbl.

7) Asian stocks ended last week mainly positive. China’s CSI300 Index rose 0.1 percent to 3,517 points and Japan’s the Nikkei225 Index gained 0.4 percent to 18.665 points.