10 things to watch when Tadawul opens on June 14

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

1) Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) Rabigh Phase II project has started to produce thermoplastic olefin (TPO), the firm said in a statement.

2) Al Sorayai Trading and Industrial Group’s board decided not to proceed on Al Salam National Faculty project in Mecca in order to focus on the company’s core activities.

3) Rabigh Refining and Petrochemical Co.’s general assembly turned down a board proposal to raise the remunerations of independent board members to SAR 500,000 from SAR 150,000.

4) Dur Hospitality said it has inked a SAR 48 million shariah-compliant Tawarruq deal with Banque Saudi Fransi (BSF) to cover part of Al Jubail hotel project.

5) Saudi Advanced Industries Co. (SAIC) said it will pay divided for H1-2017 on July 19.

6) Saudi Enaya Cooperative Insurance Co. has appointed Shariyah Review Bureau as Shariyah advisor starting from June 12, 2017.

7) The Saudi Capital Market Authority (CMA) has approved Chubb Arabia Cooperative Insurance Co.’s request to raise its capital to SAR 200 million from SAR 100 million.

8) Mediterranean and Gulf Insurance and Reinsurance Co.’s board has appointed Raed Al Barakati as non-executive board member effective June 12, it said in a statement.

9) The Saudi Stock Exchange (Tadawul) said that the listing and trading shares of Thob Al-Aseel Company will be on Thursday June 15, with a 20 percent daily price fluctuation limit per share.

10) Crude oil prices declined on Wednesday, with Brent crude last down 0.9 percent at $48.30/bbl and WTI crude down 1 percent at $45.98/bbl. OPEC’s crude oil production in May increased by 336,000 bpd from the previous month to average 32.14 million barrels per day, OPEC said in its latest monthly report.