9 things to watch on Tadawul today

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

1) Saudi Arabia is expected to launch the derivatives market by the end of 2019, starting with future contracts, Mohammed Al Kuwaiz, chairman of the Capital Market Authority (CMA) told Argaam.

2) Riyad Capital has received CMA approval to offer forex trade services in Saudi Arabia, it said at the recently held Financial Sector Conference in Riyadh.

3) The Saudi Stock Exchange (Tadawul) has signed with Abu Dhabi Securities Exchange and Bahrain Bourse to launch dual listing, Khalid Al Hussan CEO of Tadawul told Al Arabiya channel.

4) Saudi Telecom Co.’s (STC) general assembly has approved a 10 percent cash dividend for the first quarter of 2019, at SAR 1 per share, amounting to SAR 2 billion.

5) The CMA has approved Halwani Bros Co.’s request to increase capital from SAR 285.7 million to SAR 314.3 million through issuing bonus shares at 1-for-10.

6) Saudi Arabia Refineries Co.’s (SARCO) general assembly has approved a 7.5 percent cash dividend for the fiscal year 2018, at SAR 0.75 per share, amounting to SAR 11.25 million.

7) Saudi Ground Services Co.’s shareholders have approved an 8 percent cash dividend for the second half of 2018, at SAR 0.8 per share, during the general assembly meeting that was held on April 24, 2019.

8) Etihad Atheeb Telecommunication Co.’s (GO) shareholders have approved a 25.81 percent capital cut to SAR 350.53 million from SAR 472.5 million during the extraordinary general assembly meeting that was held on April 24, 2019.

9) Brent crude on Friday dropped to reach $72.15/bbl, while WTI crude also declined to $63.30/bbl.