Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi Aramco’s upcoming initial public offering (IPO), Tadawul’s potential inclusion on emerging market indices by FTSE Russell and MSCI, and the Kingdom’s rapid reforms are among the many factors set to push TASI higher in 2018 and perhaps the next year, analysts tell Argaam.
2) Saudi Basic Industries Corp. (SABIC) and Saudi Aramco have awarded a contract to UK-based Wood Group to develop their fully integrated crude oil to chemicals (COTC) complex in Saudi Arabia.
3) Saudi Methacrylates Co.’s (SAMAC) poly methyl methacrylates (PMMA) unit is still in the preparation phase for commercial production, ICIS reported.
4) Banque Saudi Fransi expects a net decrease of shareholders’ equity between 2 percent and 3 percent, following the implementation of IFRS9 Standard as of January 1.
Separately, the lender said it is contesting an additional zakat claim of SAR 1.71 billion for the period of 2005-2013 made by the Saudi General Authority of Zakat and Tax (GAZT).
5) Abdullah A. M. Al-Khodari Sons Co.’s board of directors has recommended withholding dividend for 2017 to “support” its financial position, the company said.
6) Saudi International Petrochemical Co. (Sipchem) is studying expansion projects in Saudi Arabia and worldwide, including a plant to produce methanol in the US, according to chief executive officer Ahmad Al Ohali.
7) Oil prices extended gains on Monday after closing positive last week. Brent crude was last up 0.2 percent at $65.62/bbl while WTI crude rose 0.2 percent to 62.17/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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