9 things you need to know on Tadawul today

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

1) Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has warned of further austerity measures if oil prices fell again.

2) Saudi Arabia's non-oil private sector growth rose to 56.5 in April from 56.4 in March as output and new orders expanded at a slightly faster rate, the Emirates NBD Purchasing Managers Index survey showed.

3) Saudi Basic Industries Corporation (SABIC) is considering acquisition opportunities of up to $6 billion in petrochemicals, specialty chemicals and fertilizers, its chief executive Yousef Abdullah al-Benyan told Reuters on Tuesday.

3) The Capital Market Authority (CMA) on May 1 delisted Mohammad Al Mojil Group’s (MMG) shares from the Saudi Stock Exchange (Tadawul).

4) Halwani Bros reported a net profit of SAR 20.4 million for Q1 2017, a 48.9 percent year-on-year (YoY) increase, due to lower general and administrative (G&A) expenses and a decline in foreign exchange losses from its Egyptian unit.

5) Advanced Petrochemical Co. reported a net profit of SAR 124.3 million for Q1 2017, a 12.9 percent year-on-year (YoY) drop, attributed to lower sales volumes due to the scheduled halt in January 2017.

6) Alujain Corporation on Tuesday resumed operations at its propylene and polypropylene plants as the regular maintenance was completed 36 hours ahead of schedule.

7) National Gas & Industrialization Co.’s (GASCO) board of directors has recommended a cash dividend of 3.5 percent (SAR 0.35 per share) for the first quarter of 2017.

8) Saudi Research and Marketing Group’s (SRMG) subsidiary TAOQ Public Relations on Tuesday signed a digital marketing deal worth SAR 182 million with an advertising and PR company.

9) Oil prices rebounded on Wednesday after American Petroleum Institute (API) data showed a drawdown in US crude inventories. Global benchmark Brent crude was last up 0.8 percent at $50.85 per barrel (bbl), while West Texas Intermediate rose 0.6 percent to $47.95.