9 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’s decision to slow its pace of fiscal reforms was appropriate, as the country’s economy begins to recover following the contraction last year, IMF managing director Christine Lagarde said.

2) Index complier FTSE Russell is expected to announce this week its decision on Saudi Stock Exchange’s (Tadawul) possible inclusion as a Secondary Emerging market within FTSE Global Equity Index Series (GEIS). Analysts forecast that a positive update could lead to inflows of between $4 billion and $5 billion.

3) Jarir Marketing Co.’s board of directors has recommended a 25.5 percent cash dividend for the fourth quarter of 2017, at SAR 2.55 per share, amounting to SAR 229.5 million.

4) Taiba Holding Co.’s board of directors has recommended a 4 percent cash dividend for the fourth quarter of 2017, at SAR 0.4 per share, amounting to SAR 60 million.

5) National Agricultural Development Co. (Nadec) has signed a final agreement to acquire 100 percent of Al Safi Danone Co. (ASD) from Al Safi Holding Co. and Danone Dairy Investments Indonesia (DDII) through a share swap deal.

6) Abdullah Al Othaim Markets Co. has opened a new branch in Al-Kharj, bringing its total branches in the Kingdom to 196, chief executive Abdul Aziz Al-Othaim said in a statement.

7) Derayah REIT Fund’s board of directors has approved increasing the frequency of dividend distribution to four times a year, or once every quarter, Derayah Capital said in a statement.

8) Saudi Arabia’s Capital Market Authority (CMA) has approved MetLife AIG ANB Cooperative Insurance Company's request to reduce its capital from SAR 350 million to SAR 180 million, leading to a decrease in the number of shares from 35 million to 18 million.

9) Oil prices were slightly lower on Monday, with Brent crude last down 0.6 percent at $70.41/bbl while WTI crude fell 0.3 percent to $65.66/bbl.

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