7 things you need to know on Tadawul today

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

1) The general assembly of Jarir Marketing Co. decided on Wednesday to stop setting aside 10 percent of net profit as the statutory reserve as it has reached 32.94 of capital.

2) Basic Chemical Industries Co. (BCI) signed on Wednesday an agreement with Germany-based ThyssenKrupp Uhde Chlorine Engineers to implement the first phase of its chlorine derivatives project in Jubail Industrial City.

3) Ash-Sharqiyah Development Co. has appointed Wasatah Capital as financial advisor for its proposed 38.8 percent capital cut process.

4) Gulf Union Cooperative Insurance Co. has appointed Alawwal Capital as financial advisor for its proposed capital cut process.

5) Jabal Omar Development Co. said it has inked an agreement with Bank Albilad to convert a short-term Sharia compliant bridge loan from the bank into a long-term loan to boost the company’s liquidity.

6) Saudi inflation maintained its downward trajectory in February for the second month in a row, albeit at a slower pace this time. Consumer prices in the kingdom fell 0.1 percent last month from a year earlier.

7) Oil recovered slightly on Thursday after dropping to a four-month low yesterday. Brent crude last was up 0.8 percent at $51.03/bbl and WTI crude rose 0.8 percent to $48.44.