9 things to watch on Tadawul today

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

1) Saudi Aramco and the Bahrain Petroleum Company have announced the commissioning of the AB-4 pipeline, a new phase in the strategic Saudi-Bahrain crude oil pipeline.

2) Jarir Marketing Co. reported a net profit of SAR 669.7 million in the first nine months of 2018, an 8.77 percent year-on-year (YoY) increase attributed to a rise in the number of showrooms from 49 to 53. The company also cited higher sales, improved profit margins and lower selling and marketing expenses.

3) Saudi Arabia's Al Hokair Group is planning to strengthen its foothold in the Kingdom's booming hospitality sector next year.

4) Yanbu National Petrochemical Co. (Yansab) is planning a 66-day shutdown of its ethylene glycol plant for scheduled maintenance and plant expansions starting Oct. 22.

5) Saudi Automotive Services Co. (SASCO) will grant franchises to operators seeking expansions in new area untapped by the company, CEO Riyadh Al-Malik told Argaam's sister site Akhbaar24.com.

6) Saudi Industrial Export Co. (SIECO) appointed Alkhair Capital Saudi as the underwriter and lead manager for its SAR 54 million capital hike through a rights issue.

7) United Technology of Electric Substations and Switchgears Co., a subsidiary of Bawan Co., signed a SAR 269 million agreement with state-controlled utility, Saudi Electricity Company (SEC), to supply unit substations.

8) Saudi Industrial Exports Co.’s (SIECO) shareholders approved a SAR 54 million capital hike through a rights issue.

9) Oil prices dropped on Thursday, as a weekly industry report said US crude inventories had risen more than expected. Benchmark Brent was down $1.58 to $81.51/bbl, while WTI crude slipped $1.24 to $71.93/bbl.