10 things to watch on Tadawul today

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

1) Saudi Arabia moved up two notches to the 24th position as the most competitive economy, compared to 26th in 2019, according to the World Competitiveness Yearbook 2020.

2) The Saudi Stock Exchange (Tadawul) will begin the second tranche of the final phase of inclusion in FTSE Russell Emerging Market Index on June 22, based on the closing prices on June 18, said Khalid Al-Hussan, CEO of Tadawul.

3) Saudi Real Estate Co. (Al Akaria) swung to net losses after Zakat and tax of SAR 3 million for Q1 2020, against a net profit of SAR 18.5 million in the year-earlier period.

4) United International Transportation Company Ltd.’s (Budget Saudi) shareholders approved the board's recommendation on paying cash dividend at 5% of capital for H2 2019.

5) The General Authority for Competition (GAC) approved the merger between Gulf Union Cooperative Insurance Co. and Al-Ahlia Insurance Co.

6) Allied Cooperative Insurance Group (ACIG) reported a net profit before Zakat of SAR 2.87 million, a rise of 45.37% year-on-year (YoY) for Q1 2020.

7) Development Works Food Co. reported a net loss after Zakat and tax of SAR 3.9 million for Q1 2020, versus a net profit of SAR 1.45 million in the year-earlier period.

8) Al Ahlia Insurance Co. widened its net loss before Zakat to SAR 3.9 million for Q1 2020 compared to SAR 50,000 in the same period a year earlier.

9) Alkhabeer Capital Co., the fund manager of Alkhabeer REIT Fund, received the Capital Market Authority’s nod to increase the fund’s total assets by SAR 722.8 million through issuing additional units, to acquire three assets in Riyadh.

10) Brent crude on Wednesday morning declined 90 cents to reach $40.06 per barrel while WTI Crude fell $1.15 to $37.23/bbl.