10 things to consider as Tadawul starts trading

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

1) The International Monetary Fund (IMF) has revised upwards its forecast on Saudi Arabia’s 2018 economic growth to 1.7 percent, an increase of 0.1 percentage point from its January projections.

2) Saudi Aramco has awarded a multi-million-dollar contract for Wasit Gas Plant installation to Canadian engineering and construction company SNC-Lavalin.

3) Swicorp Wabel REIT’s initial public offering (IPO) has been 100.91 percent oversubscribed after 18,600 investors injected SAR 357.23 million in cash, according to fund manager Swicorp Co.

4) Saudi Industrial Exports Co. (SIECO) swung to a net profit of SAR 12.6 million in Q1 2018, compared to a net loss of SAR 1.8 million, thanks to a rise in other income and redemption of SAR 14.05 million in insurance claims from Afia International Co.

5) Saudi Basic Industries Corporation’s general assembly has approved a 22 percent cash dividend for the second half of 2017, at SAR 2.2 per share, amounting to SAR 6.6 billion.

6) Saudi Industrial Investment Group’s (SIIG) board of directors has recommended a 5 percent cash dividend for the first half of 2018, at SAR 0.5 per share, amounting to SAR 225 million.

7) Board of directors of Bupa Arabia for Cooperative Insurance Co. has recommended a 20 percent cash dividend for fiscal year 2017, at SAR 2 per share, amounting to SAR 160 million.

Separately, the company said it has received a no-objection letter from Saudi Arabian Monetary Authority (SAMA) on the company’s proposed capital increase.

8) Abdullah A. M. Al-Khodari Sons Company’s (Al-Khodari) has renewed its SAR 330 million Islamic credit agreement with Alawwal Bank, it said in a statement.

9) Bank Aljazira’s total revenue after selling 30,340,853 shares at an average price of SAR 11.24 per share, came out to around SAR 341.02 million, the bank said.

10) Oil prices continued their positive momentum on Thursday, after weekly Energy Information Administration data showed a decline in US crude inventories. Brent crude was last trading up 0.6 percent at $73.94/bbl while WTI crude rose 0.6 percent to $68.85/bbl.

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