Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Alinma Bank reported a net profit of SAR 542 million for Q3 2017, a 74 percent climb year-on-year (YoY), driven by higher gains on investments, fees from banking services and exchange income.
2) Taleem REIT said it will distribute a 1.5 percent cash dividend to its shareholders for the period May 30, 2017 – September 30, 2017 (122 days).
3) Saudi Industrial Exports Company (SIEC) said it plans to take legal action against its former board of directors over a SAR 7.12 goodwill impairment charge from its recently-acquired Sara Medical Supplies Factory (Saramed).
4) The Saudi Arabian Monetary Authority (SAMA) may raise the maximum allowable loan-to-deposit ratio, if needed, to boost local economy, SAMA governor Ahmed Al Kholifey told Al-Arabiya TV.
5) The Saudi banking sector’s liquidity has improved significantly since last year, but the ongoing economic slowdown in the Kingdom will likely increase non-performing loans (NPLs), Fitch Ratings said in a recent report.
6) The Capital Market Authority (CMA) has introduced a new division to supervise the auditing of the listed companies and capital market institutions. The CMA said it has also formed a new committee comprising representatives from relevant government entities and independent experts.
7) Saudi Arabia’s Ministry of Justice on Sunday officially launched three commercial courts in Riyadh, Jeddah and Dammam, Saudi Press Agency (SPA) reported.
8) Saudi Arabia's Economic Cities Authority (ECA) and the Dubai Airport Freezone Authority (DAFZA) have signed a strategic memorandum of understanding aimed towards developing proposals that can help drive in more foreign investments to the Gulf region.
9) Oil prices climbed on Monday driven by conflict between Iraq and Kurdistan forces. Brent crude was last up 1.1 percent at $57.78/bbl while WTI crude rose 0.8 percent to $51.85/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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