6 things you need to know on Tadawul today

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

1) Al-Babtain Power and Telecommunication Co.’s implementation of International Financial Reporting Standards (IFRS) has resulted in a SAR 28.5 million decrease in retained earnings, the company said in a statement to Tadawul on Tuesday.

2) National Gas & Industrialization Co. (GASCO) has reported a SAR 16.2 million drop in retained earnings due to the implementation of the International Financial Reporting Standards (IFRS) on financial statements as of January 1, 2016.

3) Abdullah A. M. Al-Khodari Sons Co. on Tuesday renewed an Islamic credit facilities agreement with Gulf International Bank for SAR 252 million. It also renewed a similar agreement with Alawwal Bank for SAR 373 million.

4) Saudi King Salman and King Abdullah of Jordan have signed several bilateral agreements, including a deal to set up a Saudi-Jordanian investment vehicle to invest up to $3 billion in Jordan between the Public Investment Fund (PIF) and Jordan Islamic Bank (JIB).

5) Saudi Arabia’s non-oil exports rose 10.3 percent year-on-year (YoY) to SAR 14.02 billion January 2017, and fell by around SAR 919 million from last December, according to the Kingdom’s General Authority for Statistics (GAS).

6) Oil prices continued to rise on Wednesday. Brent crude was last up 0.3 percent at $51.50/bbl and WTI rose 0.4 percent to $48.56/bbl.