9 things you need to know on Tadawul today

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

1) Three companies have been reclassified based on the Global Industry Classification Standard:  National Industrialization Co. (TASNEE) has been moved from capital goods to materials; Saudi Industrial Services Co. (SISCO) from capital goods to transportation; Saudi Chemical Co. (Chemical) from materials to health care equipment and services.

2) AlBaha Investment and Development Co., Jadwa REIT Al Haramain Fund and Taleem REIT Fund have been included on Tadawul All Share Index (TASI), Diversified Financials and REITs Industry Group indices as the stock and units close prices on Thursday.

3) Advanced Petrochemical Co. reported higher-than-expected figures in H1 2017, chairman Khalifa Al-Mulhim told Argaam, adding that he was optimistic about the company’s profitability over the coming quarters.

4) Saudi Arabia’s decision to slash cement export tariffs by 50 percent is insignificant and will not encourage local industries and producers, Jihad Al-Rashid, head of the National Committee of Cement Producers, told Argaam.

5) Bahri Logistics, a business unit of National Shipping Company of Saudi Arabia (Bahri), has added Alexandria to its portfolio of ports in Egypt.

6) Saudi Arabia’s economy is expected to contract this year on the back of oil output cuts. Although recovery is likely in 2018-19, it will be at a weaker rate than anticipated, Capital Economics said in a report.

7) Saudi Arabia might delay its plans to raise fuel prices until October this year or early 2018, Bloomberg reported, citing sources.

8) Saudi Aramco’s crude oil and gas production hit a record high in 2016, the company’s annual report showed. Average crude oil output rose by 300,000 barrels per day (bpd) in 2016 to 10.5 million bpd, compared to 2015.

9) Crude oil fell nearly 3 percent at close on Friday as oversupply concerns continue to weigh. Brent crude was down 2.9 percent at $46.71/bbl and WTI crude fell 2.8 percent to $44.23/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com