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 Tuesday.

1) Oil prices fell further on Tuesday amid oversupply concerns, as well as a rising US rig count. Global benchmark Brent crude slipped 1 percent to $48.70 per barrel, while West Texas Intermediate (WTI) crude tumbled 3 percent to $47.05/bbl.

2) Asian stocks were mixed on Tuesday as investors awaited comments from US Federal Reserve Chair Janet Yellen for further clarity on the outlook for interest rates this year. Japan’s Nikkei 225 was down 0.7 percent while China’s CSI 300 index was up 0.3 percent towards closing hours.

3) Saudi banks’ average capital adequacy ratio (Tier 1) increased to 16.4 percent by the end of the first half of this year, from 15.9 percent in the same period last year, a survey conducted by Argaam showed.

4) Medical and health premiums accounted for about 48 percent of total value of gross written premiums in Saudi Arabia in the first half of 2016, followed by motor insurance at 35 percent, an analysis by Argaam of the listed firms’ financial data found.

5) SABB Takaful Insurance Co. has appointed Mohammed Al Yahia as board chairman for a three-year term that started on May 14, 2016.

6) The National Company for Glass Industries (Zoujaj) plans to halt production at its Riyadh 1 Plant for 70 days to start on September 1 a SAR 75 million upgrade.