10 things to consider as Tadawul starts trading

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

1) Saudi Arabia Purchasing Managers’ Index declined to 53 in January from 57.3 in December, signaling the slowest improvement in private sector business conditions since August 2009, Emirates NBD said in the latest report.

2) Saudi Arabia’s gross domestic product (GDP) is expected to grow between 2.5 percent and 3 percent this year, according to Minister of Economy and Planning Mohammed Al Tuwaijri.

3) Saudi Arabia has developed up to 5 million square meters (sqm) of land in 18 months after implementing the white land tax system across the Kingdom, housing sources told Argaam.

4) Saudi Arabian Oil Co. (Saudi Aramco) is expected to launch in July a tender to build facilities as part of its Marjan oilfield expansion plans. Another tender for the Berri oilfield expansion is expected towards the end of this year.

5) Bank Aljazira reported a net profit of SAR 194 million for Q4 2017, up 28 percent year-on- year (YoY) mainly due to higher operating income.

6) Saudi Advanced Industries Co. (SAIC) posted a net profit of SAR 9.81 million for Q4 2017, noting a sharp rise from SAR 2.15 million in the same period last year.

7) L'Azurde Company for Jewelry said its new production unit in Egypt has been completed at a cost of SAR 12.6 million, and it will be fully operational by the end of this month.

8) Saudi Arabian Mining Co. (Maaden) said it will continue to restructure its debt in a bid to balance its capital structure and improve solvency.

9) Demand for cars is expected to increase in 2018 as job nationalization leads to higher employment among youth, who will likely seek to buy second-hand car or use rental services, Budget Saudi CEO Fawaz Danish told Argaam.

10) Oil prices declined on Monday, with Brent crude last down 1 percent at $67.9/bbl while WTI crude fell 1 percent to $64.83/bbl. 

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