8 things you need to know on Tadawul today

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

1) The Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose to 57.5 in November, from 55.6 in October. Steep output and new order expansions contributed to the latest positive result.

2) The GCC region’s economy is expected to grow by 2.5 percent in 2018, backed by stable energy prices, Moody’s Analytics said in a report.

3) Saudi Arabia’s Capital Market Authority (CMA) has approved Saudi Economic and Development Securities Co.’s request to offer, register and list units of SEDCO Capital REIT on the Saudi Stock Exchange (Tadawul).

The authority also approved Al Wasatah Al Maliah Co.’s request to offer, register and list Wasatah REIT units on Tadawul as Real Estate Investment Traded Fund.

4) AlJazira Mawten REIT (AlJazira REIT) has updated its terms and conditions to reflect value-added tax (VAT), it said in a statement to Tadawul.

5) Saudi Public Transport Co.’s (SAPTCO) board of directors has appointed Abdullah Alageel as vice-chairman of the board effective December 4, 2017, until the end of the current term.

6) Al Jouf Agricultural Development Co.’s (Al Jouf) board of directors has named Rasheed Alowain as vice-chairman.

7) Tadawul has signed an agreement with US-based Nasdaq to upgrade its post-trade technology infrastructure. Under the deal, Nasdaq will replace Tadawul’s current registry, depository and settlement systems, which were implemented in 2001.

8) Oil prices edged higher on Tuesday, supported by the recent extension to the output cut deal between OPEC and its non-member partners. Brent crude was last up 0.1 percent at $62.51/bbl while WTI crude rose 0.2 percent to $57.57/bbl.

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