Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Saudi equities across cap sizes are likely to offer attractive long-term returns, given the continued earnings growth, increased political stability, and rising penetration of consumer products, a new report issued jointly by Emirates NBD Asset Management and Jupiter Asset Management said.
2) Dairy producer Almarai’s recent decision to increase prices of its milk products is a positive move, but will not have a material impact the company’s valuation considering the possible decline in volumes amid higher prices, Al Rajhi Capital said in a note.
3) Riyad Bank’s board of directors has recommended a 3.7 percent cash dividend for the first half of 2018, at SAR 0.37 per share, amounting to SAR 1.11 billion.
4) Al Sagr Cooperative Insurance Co.’s shareholders are set to vote on a 60 percent capital hike to SAR 400 million from SAR 250 million, on July 29, 2018.
5) Sahara Petrochemical Company has appointed Abdulaziz bin Abdullah Al Zamil as company chairman and Saleh bin Mohammed Bahamdan as vice-chairman.
6) Walaa Cooperative Insurance Company has received approval from the Saudi Arabian Monetary Authority (SAMA) to open 47 points of sale (POS) across the Kingdom.
7) Saudi Enaya Cooperative Insurance Co. (Saudi Enaya) received a letter from SAMA requiring the firm to appoint a financial adviser to set up a corrective plan to meet solvency requirements.
8) Uber Technologies and Dubai-based Careem are in preliminary talks to combine their Middle Eastern ride-hailing services, Bloomberg reported.
9) Saudi Aramco said it is adjusting its Asia crude oil pricing marker in order to increase the overall reliability of its crude oil pricing.
10) Saudi Arabia’s Sulaiman Al-Habib Medical Group (HMG) has invited banks to pitch for advisory work for a minority stake sale, Reuters reported.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
