9 things to watch before Tadawul opens on May 29

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

1) Raydan Restaurants and Cuisines Co. said that the board of directors has accepted the resignation of two non-executive board members, Mishal Al Salmi and Nassar Al Salmi.

2) Taleem real estate investment traded fund (REIT) on the Saudi Stock Exchange (Tadawul), ended 890 percent oversubscribed, raising around SAR 761 billion, Saudi Fransi Capital said in a statement. 

3) Baazeem Trading Co. reported a net profit of SAR 6.2 million for the first quarter of 2017, a 5.4 percent year-on-year increase.

4) Shairco for Trading, Industry and Contracting Co. has cut its ownership in National Industrialization Co. (Tasnee) to 6.50 percent from 6.55 percent.

5) Amin Shaker has increased its stake in Saudi Pharmaceutical Industries and Medical Appliances Corp.’s (SPIMACO) to 12.20 percent from 12.12 percent.

6) Assets held by the Saudi Arabian Monetary Authority (SAMA) fell by SAR 15.3 billion month-on-month to SAR 1.956 trillion in April. 

7) The value of Saudi Arabia’s oil exports reached around SAR 53.9 billion during March 2017, up 43 percent year-on-year (YoY), official data showed.

8) Methanex Corp., the world’s largest producer and supplier of methanol, has lowered its Asian contract price (ACP) for June by $40 to $320 per ton from the previous month.  

9) Oil prices edged down on Monday, with Brent crude last trading down 0.4 percent at $51.97/bbl and WTI crude slipped 0.4 percent to $49.61/bbl.