7 things you need to know on Tadawul today

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

1) United Electronics Co.’s (eXtra) shareholders approved a 16.66 percent capital hike to SAR 420 million through bonus shares. The fluctuation limits on Monday for the company will be based on a share price of SAR 31.95.

2)  Saudi Industrial Export Co. (SIEC) will launch new services for small and medium enterprises (SME) today, the company said in a bourse statement.

3) Dar Al-Arkan Real Estate Development Co.’s board has accepted the resignation of the company’s chief executive, Abdul Rahman Al Harkan, from his position as a CEO and a board member for personal reasons. The resignation will be effective from June 1, 2017.

4) The aggregate net profit of Tadawul-listed companies jumped 38 percent, or SAR 8.37 billion year-on-year (YoY) to SAR 30.56 billion in Q1 2017, reversing its nine-quarter downward trend, data compiled by Argaam showed.

5) Saudi-listed cement producers reported aggregate net profit of SAR 791.5 million for Q1 2017, a drop of 49 percent year-on-year (YoY), hurt by lower demand and decreased sales, data compiled by Argaam showed.

6) The aggregate net profit of Saudi petrochemical companies came in at SAR 7.2 billion in Q1 2017, missing average forecasts of SAR 7.3 billion by 1.5 percent, data compiled by Argaam showed.

7) Oil prices edged higher on Monday, on reports that OPEC and non-OPEC output deal would likely be extended beyond the initial six months. Brent crude was last up 1.4 percent at $51.57/bbl while WTI crude was up 1.5 percent to $48.57/bbl.