10 things to consider as Tadawul starts trading

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

1) The Saudi Stock Exchange (Tadawul) seeks to increase foreign ownership of Saudi equities to 25 percent over the next two years, from the current 4 percent, Bloomberg reported, citing CEO Khalid Al Hussan.

2) Sahara Petrochemicals Co. managed to achieve a satisfactory net profit of SAR 444.5 million in 2017, despite a significant decline in Q4 results, and a series of plant stoppages, CEO Saleh Bahamdan told Argaam.

3) Moody’s Investors Service has upgraded its outlook on Dar Al-Arkan Real Estate Development Company to positive from stable, while reconfirming its corporate credit rating at B1.

4) Saudi Arabia Refineries Co. (SARCO) reported a net profit of SAR 5.6 million in Q4 2017, compared to a net loss of 1.8 million in the same period of 2016.

5) Abdullah Al Othaim Markets Co. has opened a new branch in Riyadh, bringing the total number of branches in the Kingdom to 195.

6) Yamama Cement Co.’s shareholders will vote on March 19 on suspending transfer of 10 percent from the company’s net profit to statutory reserve, which currently stands above 30 percent of paid-in capital.

7) Capital Market Authority (CMA) has convicted four individuals for manipulation and fraud while trading shares of Aseer Trading, Tourism and Manufacturing Co., the CMA said.

8) Saudi Arabian Monetary Authority (SAMA) will no longer offer repurchase agreements for 7-, 28- and 90-day periods to “enhance” monetary stability.

9) The global oil industry needs over $20 trillion in investment over the next quarter century in order to meet rising demand, Saudi Aramco CEO Amin Nasser said.

10) Crude oil prices edged lower on Wednesday. Brent crude was last down 0.8 percent at $65.27/bbl while WTI crude fell 0.8 percent to $62.12/bbl.

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