6 things you need to know before Tadawul opens

Here’s a few updates to consider before the Saudi Stock Exchange (Tadawul) opens for trading on Wednesday morning.

1) The kingdom’s newly-appointed finance minister, Mohammed Al-Jadaan, said on Tuesday that he’s confident about the social, economic, and financial reforms, despite all the “challenges” facing Saudi Arabia. Analysts say that Deputy Crown Price Mohammed bin Salman is replacing the old guards with younger allies to help accelerate the country’s economic transformation plan that he oversees. 

2) Saudi energy minister Khalid Al-Falih said Tuesday that his country is committed to meeting the energy needs of China, India, and other developing nations, while moving towards a mix of renewables and fossil energy sources.

3) Oil prices fell for a fourth day on Wednesday. The American Petroleum Institute figures showed a rise in US inventories. Brent crude last was down 0.6 percent at $47.84/bbl and WTI crude fell $0.8 percent to $46.31/bbl.

4) Fitch Ratings on Tuesday said that Saudi Arabia, Abu Dhabi, and Qatar’s international bond issues will create a pricing benchmark and will help support the growth of the region’s capital markets.

5) Tadawul-listed insurance companies traded at a combined price-to-earnings ratio (P/E) of 20.2x based on their financial results trailing 12 months (TTM), market data compiled by Argaam showed.

6) Saudi Arabian Mining Co. (Maaden) has transferred its Alcoa Inc. interests in its aluminum joint venture companies to Alcoa Corporation, it said in a statement on Tuesday.