10 things to consider as Tadawul starts trading

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

1) Index compilers FTSE and MSCI praised the “quick reforms” implemented in the Saudi capital market, ranking the Kingdom among the fastest countries applying changes ahead of a proposed inclusion in the MSCI and FTSE emerging market (EM) indexes, Mohammed El-Kuwaiz, head of the Capital Market Authority, told Argaam.

2) Al Jouf Agricultural Development Co. (Al Jouf) incurred a net loss of SAR 1.7 million, compared to net profit of SAR 3.5 million in the same period of 2016.

3) Red Sea International Co reported a net loss of SAR 69 million for 2017 compared to a net profit of SAR 80.1 million a year earlier.

4) Capital Market Authority (CMA) has approved the request of Mouwasat Medical Services Company to double its capital to SAR 1 billion from SAR 500 million by issuing bonus shares.

5) Saudi Pharmaceutical Industries & Medical Appliances Co.’s (SPIMACO) board approved the planned capital increase of subsidiary Watan Pharma Co., the company said in a statement.

6) Saudi Industrial Investment Group (SIIG) has restarted operations at its affiliated units, Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP), following completion of scheduled maintenance works.

7) National Gas and Industrialization Co. (GASCO) has signed a non-binding memorandum of understanding with Oman-listed National Gas Co. (NGCI) to carry out a feasibility study to set up a new firm in the field of gas extension projects.

8) Derayah REIT Fund will start trading on Saudi Stock Exchange (Tadawul) on March 26, under the symbol 4339.

9) Saudi Arabian General Investment Authority (SAGIA) has awarded a consortium of US and Saudi businessmen a license to build a multi-billion dollar mixed use property development over 9.75 million square meters in Riyadh, Reuters reported.

10) Crude oil futures closed last week with gains, following reports that Saudi energy minister Khalid Al-Falih said OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019. Brent crude rose 2.2 percent to close at $70.45/bbl while WTI crude rose 2.5 percent to $65.88/bbl.

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