Here are a few things you need to know as Saudi stocks start trading on Monday.
1) The Saudi stock market has started the application of a flexible bid-ask system, whereby buy and sell orders beyond the 10 percent daily fluctuation limit will be accepted on the system.
2) Aldrees Petroleum and Transport Services Co’s financial performance in 2017 came under pressure from slower demand and higher fuel prices, CEO Abdulelah bin Saad Al-Drees told Argaam.
3) Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit of SAR 58.3 million in Q4 2017, down 14.3 percent year-on-year (YoY) due to a decrease in client base along with lower consumer spending and discounts by competitors.
4) Middle East Healthcare Co. (MEAHCO) said that the Saudi German hospital in Dammam was 23 percent complete. The project is expected to be finalized by June 2019.
5) Saudi Arabia’s King Salman has issued a royal decree on building nine water desalination plants on the Red Sea coast at an investment cost of over SAR 2 billion.
6) Crude oil prices edged up on Monday after Saudi Arabia’s energy minister Khalid Al-Falih hinted at the possibility that the production-cut deal could extend beyond 2018. Brent crude was last up 0.3 percent at $68.8/bbl, while WTI crude rose 0.2 percent to $63.52/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
Comments
{{DisplayName}}
{{ElapsedTime}}