10 things to watch as Saudi stocks start trading

1) The Saudi Arabian Monetary Agency (SAMA) has declined Malath Insurance Co.’s capital hike request. Board members will be invited by SAMA to learn more about the reasons behind the refusal.

2) SAMA has banned Medgulf from issuing new auto insurance policies, starting on Nov. 29, 2016, citing the insurer’s “non-compliance” with regulations mainly related to settlement of obligations.

3) Saudi Arabia's telecom authority said in a statement that it has slapped Saudi Telecom Co., Mobily, and Zain with fines for violating its regulations.

4) Petrochem said it has resumed operations at Saudi Polymers Co. after completing a scheduled maintenance that started on Oct. 1. 

5) Savola said in an announcement Tuesday that it was forced to close its Panda retail shops for a few hours in order to restock its shelves. The company said that consumers, attracted by bargain and discounts, had emptied the shelves.

6) Advanced Petrochemical plans to cut costs in 2017 and undertake internal expansions in the low oil price era, its chairman Khalifa Al-Mulhim told CNBC Arabia earlier this week.

7) Tourism Enterprise Co. (SHAMS) said it is still considering and evaluating investment opportunities regarding its board-recommended capital hike through rights issue.

8) Saudi Arabia’s general reserves fell by SAR 100 billion month-on-month to SAR 474.1 billion in October, their lowest level since February 2015, new data from SAMA showed. Central bank assets also fell SAR 41 billion during the month.

9) The kingdom’s real estate sector is expected to witness price declines in the short to medium-term on the back of distressed assets, but the ongoing rebalance might turn out to be healthy for enhancing “transparent investment environment,” Aljazira Capital said in a recent research note.

10) Oil prices recovered on Wednesday as OPEC prepared for its much-anticipated ministerial meeting scheduled for today. The group will discuss implementing an output ceiling to help stabilize global oil markets. Brent crude was last up 1 percent at $46.85/bbl and WTI crude rose 0.5 percent to $45.45/bbl.

Write to Reem Abdellatif at reem.a@argaam.com