Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) The earnings of Saudi firms are forecast to remain weak in various sectors in Q3 2017, with the exception of the financial sector, Al Rajhi Capital said.
2) United Electronics Co. (eXtra) has opened a new showroom in Riyadh on Tuesday, bringing the total number of showrooms to nine in Riyadh and 43 in GCC countries.
3) The Securities Depository Center Company (Edaa) on Wednesday Sept. 27 adjusted Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) investors’ portfolios to reflect the capital reduction.
4) Edaa said that it has added subscribed units in Musharaka REIT Fund, on Wednesday, into the investor portfolios following allocation.
5) Jazan Development Co.’s board of directors has recommended changing the company’s name to Jazan Energy and Development Co. and added new activities to the company’s core activities.
6) Saudi Re for Cooperative Reinsurance Co. said that Lloyd's has granted the required approvals for Probitas Holdings Bermuda Limited’s (PHBL) deal. However, the transaction is still subject to approvals of the Saudi Arabian Monetary Authority (SAMA) and the Bermudian Monetary Authority.
7) Taiba Holding Co. has inked an agreement to acquire an 8.1 percent stake valued at SAR 255.2 million in Al Aqeeq Real Estate Development Co., and to purchase an equity of 12.31 percent, valued at SAR 106.4 million in Arab Resort Areas Co.’s (ARAC), the company said in a statement to Saudi bourse, Tadawul.
8) L'azurde for Jewelry Co. ‘s board of directors approved on Monday the signing of a memorandum of understanding (MoU) with Tamkeen Industrial & Trading Co. (Tamkeen) to fully acquire Izdiad Commercial Co. of Arabia, a jewelry retailer owned by Tamkeen.
9) Oil prices traded higher on Wednesday, after the American petroleum Institute (API) reported a draw of 761,000 barrels in US crude oil inventories. Global benchmark Brent crude was last 0.5 percent higher at $58.72 per barrel (bbl), while West Texas Intermediate rose 0.6 percent to $52.20/bbl.
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