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) National Shipping Company of Saudi Arabia (Bahri) has received the fourth very large crude carrier (VLCC) from South Korea’s Hyundai Samho Heavy Industries Co. The new carrier is likely to start operations in October, with financial impact expected in Q4 2017.

2) Jabal Omar Development Co. on Aug. 30 renewed a memorandum of understanding (MoU) with Albilad Capital to sell 93 residential units in Jabal Omar phase 2 through a real estate investment fund (REIT).

3) Tadawul All Share Index (TASI) could hit a fresh peak surging above the 8,000 point level by the end of this year, amid expectations for a recovery in oil prices over the short-term and upgrading Saudi Arabia to emerging market status, analysts told Argaam.

4) Saudi Arabia’s banking sector is more resilient to economic shocks thanks to strong capital buffers, the Saudi Arabian Monetary Authority (SAMA) said in a recent report.

5) Construction activities in Saudi Arabia are expected to continue recovering after expansion works at the Grand Mosque in Makkah resume, Jadwa Investment said in a recent report.

6) Aramco Asia Co., a subsidiary of Saudi Aramco and PT Pertamina, plans to expand its downstream operations in the Chinese provinces of Fujian and Yunnan, as part of the company’s commitment to promote regional economic growth and ensure energy security.

7) Oil prices edged lower on Thursday. Brent crude was last down 0.4 percent at $54.02/bbl while WTI crude fell 0.2 percent to $49.07/bbl.

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