Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Basic Industries Corp. (SABIC) expects to complete the second phase of economic and technical studies for its crude oil-to-chemicals (COTC) complex project finish by the end of 2019, chief executive Yousef Al-Benyan told Al Arabiya.
2) State-run Saudi Aramco will undertake more petrochemical projects after partnering with Saudi Basic Industries Corp. (SABIC) to build a $20 billion crude oil-to-chemicals complex, Aramco chief executive Amin Nasser told Reuters on Monday.
3) National Industrialization Co. (Tasnee) is expected to positive results again in the fourth quarter of this year, chief executive Mutlaq Al-Morished told CNBC Arabia.
5) The Capital Market Authority (CMA), Saudi Arabia’s market regulator, has imposed a fine of SAR 10,000 on Allianz Saudi Fransi Cooperative Insurance Co. and a fine of SAR 50,000 on Al Alamiya for Cooperative Insurance Co. (Al Alamiya) for violating the Companies Law.
6) Middle East Paper Co. (MEPCO) held a meeting on Monday with financial analysts and representatives of investment entities to highlight the company’s activities and performance during the previous period.
7) Saudi Arabia’s non-oil exports declined 2 percent year-on-year (YoY) to SAR 13.2 billion in September 2017, data from the Kingdom’s General Authority for Statistics showed.
8) Oil prices traded lower on Tuesday, amid uncertainty that major oil producers will reach a deal to extend crude output cuts at OPEC’s meeting this week. Brent crude was last down 0.3 percent at $63.65/bbl while WTI crude fell 0.6 percent to $57.78/bbl.
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