10 things to consider as Tadawul starts trading

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

1) Crown Prince Mohammed bin Salman met with Bill Gates in Seattle on Friday. During the meeting, they reviewed aspects of cooperation on a number of joint development projects.

Prince Mohammed also separately met with Chairman and CEO of JPMorgan, Jamie Dimon, and Chairman and CEO of Morgan Stanley, James Gorman, during his visit to New York.

2) Saudi Arabia’s stock market (Tadawul), which had been rising in anticipation of a positive update from index complier FTSE Russell, will likely see a correction and the rally is expected to fade, London-based Capital Economics (CE) said in a recent report.

3) Saudi Arabia is expected to overhaul its stock market rules by the end of June to prepare for the local listing of Saudi Aramco, Reuters reported, citing Capital Market Authority (CMA) chairman Mohammed El Kuwaiz.

4) Bank Aljazira’s planned cash dividend at SAR 0.32 per share – if approved by the general assembly meeting –will cover existing and new shares, chief executive and managing director Nabil Al Hoshan told Argaam.

5) Almarai Co. has announced a full repayment of its second sukuk series for an amount of SAR 513 million, the company said in a statement. ‍​

6) Middle East Healthcare Co. (MEAHCO) board of directors has recommended a 20 percent cash dividend for 2017, at SAR 2 per share, amounting to SAR 184.08 million.

7) Kingdom Holding Company’s board of directors has recommended a 1.25 percent quarterly cash dividend for fiscal year 2018, amounting to 5 percent for the full year. The company will issue a dividend of SAR 163.9 million each quarter from retained earnings.

8) National Petrochemical Co. (Petrochem) shareholders will discuss on April 16 the board’s recommendation of dispensing a cash dividend of five percent of capital (SAR 0.5 per share), totaling SAR 240 million for FY17.

9) Abdullah Al Othaim Markets Co. has obtained regulatory approval for its planned capital increase. The company seeks to increase its capital to SAR 900 million from SAR 450 million by issuing one bonus share per every share outstanding.

10) Crude oil prices closed last week on a positive note, with both Brent crude and WTI crude rising 0.9 percent each to reach $69.34/bbl and $64.94/bbl, respectively.

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