6 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’s inflation rate accelerated to 2.2 percent in July, following energy price hikes and implementation of VAT, according to the General Authority for Statistics (GASTAT).

2) OPEC+ oil producers cut output in July by 9 percent more than called for in their production cut agreement.

3) The Middle East Paper Co. (MEPCO) has become the first Saudi company to join Closir, a global platform connecting companies directly with investors, it said in a statement.

4) Saudi Arabian Airlines (Saudia) flew more than 20 million passengers on board over 124,720 domestic and international flights from the beginning of the year until the end of July.

5) Saudi Arabia led the MENA IPO activity recording four out of nine IPOs in Q2 2018, as part of an increasing trend of REITs being listed on the exchange, said consultancy firm EY.

6) Oil markets were stable, buoyed by falling supplies from Iran ahead of US sanctions but held in check by rising output outside the OPEC. Brent crude was steady at $75.95/bbl, while WTI crude gained 0.01 cents to $68.54/bbl early today.