6 things you need to know before Tadawul opens

Here’s what you need to know before the opening bell rings at the Saudi Stock Exchange (Tadawul) on Sunday.

1) Crude oil ended last week with modest declines as global benchmark Brent crude closed lower by 0.1 percent at $44.27/bbl. WTI crude fell 0.3 percent to $41.80/bbl.

2) Saudi Capital Market Authority has halted trading on shares of Tihama Advertising and Public Relations Co. (Tihama) from Sunday, August 7, until the company announces its audited financial statements for the first half of 2016.

3) Spending cuts and other measures taken by the Saudi government such as reducing energy subsidies are expected to help narrow the budget deficit to 9.6 percent of economic output in 2017 from 13 percent this year, said Tim Callen, the IMF’s Saudi mission chief.

4) Saudi Arabia’s Petromin Corporation plans to invest nearly SAR 2.5 billion to set up and operate over 230 fuel-retail stations by 2020, Samir Nawar, the corporation’s chief executive said.

5) Nama Chemicals Co.’s board of directors has recommended a capital increase worth SAR 400 million through a rights issue. The proceeds will be used to finance the production of new specialized chemicals.

6) Saudi Vitrified Clay Pipes Co. has extended its agreement to buy Arabian Company for Water Pipe (Acwa Pipe) for another 60 days till October 6, 2016.