10 things to consider as Tadawul starts trading

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

1) Business conditions in Saudi Arabia improved at a slowest pace in March, reflecting subdued increases in new orders and employment during the month, Emirates NBD PMI survey found. The Saudi PMI stood at 52.8 in March, down from 53.2 in February.

2) Saudi Basic Industries Corporation (SABIC) has started commercial operations at its methyl methacrylate monomer (MMA) and poly methyl methacrylate (PMMA) plants.

3) Trading in government debt instruments on Tadawul will be accessible to all investors, including qualified foreign investors (QFIs), said Khalid Al Hussan, chief executive of Tadawul.

4) The net income of Saudi telecom sector is expected to decline by 1.4 percent to SAR 9.3 billion in 2018, driven by lower revenues, NCB Capital said in a new report.

5) Riyad Capital, the fund manager of Riyad REIT, plans to invest SAR 100 million, equivalent to 20 percent of the cash contributions available to the public, in the REIT's SAR 500 million capital increase program.

6) Saudi Arabian Monetary Authority (SAMA) has issued a final warning to Gulf Union Cooperative Insurance Co. regarding the “weak performance” of its audit committee, its executive management, as well as ineffective corporate governance.

7) Saudi Indian Company for Cooperative Insurance’s (Wafa Insurance) board of directors have recommended cutting capital by 18.03 percent to SAR 100 million from SAR 122 million.

8) Makkah Construction and Development Co.’s board of directors has recommended a 20 percent cash dividend for the fiscal year ended January 2018, at SAR 2 per share, amounting to SAR 329.6 million.

9) Shares of Tadawul-listed Saudi Cable Company will resume trading – which has been suspended since January 19, 2017 – from today, Capital Market Authority said.

10) Crude oil prices recovered slightly on Tuesday, with Brent crude last up 0.2 percent at $67.76/bbl while WTI crude rose 0.1 percent to $63.08/bbl.

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