6 things to watch on Tadawul today

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

1) Maaden Waad Al Shamal Phosphate Co., a subsidiary of Saudi Arabian Mining Co. (Maaden), signed an agreement with Saudi Railways Company to transfer molten sulfur from Saudi Aramco’s factories in the Eastern Province to Waad Al Shamal Phosphate, and phosphoric acid from Waad A Shamal to Ras al-Khair Industrial city.

2) Saudi Arabia’s Capital Market Authority (CMA) is seeking public views on the draft instructions on the price stabilization mechanism for initial public offerings (IPO), within 30 days ending on July 9.

3) Saudi Enaya Cooperative Insurance Co.’s extraordinary general assembly  approved a 50 percent capital reduction to SAR 100 million from SAR 200 million through the cancellation of 10 million shares to offset accumulated losses.

4) Rabigh Refining and Petrochemical Co. (Petro Rabigh) recorded net profit of SAR 296.1 million in Q1 2018, versus SAR 239.7 million in losses in Q1 2017, on higher sales volumes, increased operating income and lower financial liabilities, Falcom Financial Services said.

5) The Middle East and North Africa region’s merger & acquisition deals fell 21.8 percent year-on-year to record 93 disclosed deals in Q1 2018, compared to 119, EY said.

6) Oil prices rose on Tuesday on cautious optimism over the outcome of a summit between US President Donald Trump and North Korean leader Kim Jong Un in Singapore. Brent crude was last up 10 cents at $76.56/bbl, while WTI crude rose 14 cents to $66.24/bbl.