9 things you need to know on Tadawul today

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

1) Saudi Basic Industries Corp. (SABIC) reported a net profit of SAR 5.8 billion in the third quarter of 2017, a year-on-year (YoY) increase by 10.7 percent backed by a rise in average selling prices and sales volumes.

2) Yanbu Cement Co. said its net profit for the third quarter 2017 fell 80 percent YoY to SAR 18 million due to a decline in average selling prices driven by tough competition.

3) Walaa Cooperative Insurance Co. reported a net profit of SAR 44.38 million for Q3 2017, an increase of 11 percent YoY driven by higher revenue mainly from the motor segment.

Separately, the firm said that its board of directors has recommended increasing the company’s capital by 10 percent to SAR 440 million, through bonus shares.

4) Al Rajhi Company for Cooperative Insurance’s (Al Rajhi Takaful) net profit before zakat for Q3 2017 jumped 98 percent YoY to SAR 59 million on business volumes growth, higher gross written premiums, net underwriting surplus and investment income.

5) Saudi Industrial Export Co. (SIEC) widened net losses by 14 percent YoY to SAR 10.6 million in Q3, due to lower sales and the restructuring of the company’s business profile.

6) US-based fund manager BlackRock Inc. and private equity firm Blackstone Group are planning to open offices in Saudi Arabia to tap various investment opportunities in the Kingdom, Crown Prince Mohammad bin Salman told Reuters.

7) The addition of the Saudi Stock Exchange (Tadawul) to the MSCI Emerging Market Index and FTSE Russell Index depends on the global index providers, whose decision hinges on the investor community, Mohammed A. El-Kuwaiz, chairman of Capital Market Authority (CMA), told Argaam.

8) FTSE Russell has launched the FTSE Saudi Arabia Inclusion Index Series, the index provider said in a statement on Sunday.

9) Oil prices were stable at the start of the week, with Brent crude slightly lower from last closing at $60.4/bbl, while WTI crude rose marginally to $53.92/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com