Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) The outlook for Saudi Arabia's banking system is stable as the Kingdom’s economy is expected to return to growth this year, bolstered by higher public spending and other stimulus, Moody's Investors Service said in a report.
2) Saudi Arabia’s housing ministry is aiming to increase its mortgage market size to SAR 502 billion ($134 billion) by 2020 from the current SAR 290 billion, Reuters reported, citing Kingdom’s housing minister Majed Al Hogail.
3) Saudi Industrial Export Co.’s (SIECO) recovered insurance claims to the tune of SAR 14 million from former partner, Afia International Co. that cancelled a mutual distribution agreement without prior consent.
4) A Saudi court has ordered Saudi Arabia Refineries Co. (SARCO) to dissolve its 34 percent-owned, financially troubled affiliate, Arabian Sulfonates Co. (ASCO), the company said.
5) National Commercial Bank (NCB) has completed repurchasing 1.86 million shares, under the second phase of its Executive Employees Stock Program, after obtaining shareholders’ approval in May 2017.
6) Osool&Bakheet Investment Co. will pay a cash dividend of 2.6 percent, or SAR 0.26 per unit, totaling SAR 16 million to AlMa'athar REIT Fund unit holders for 4.63 months, starting from the date of asset transfer to the fund until Dec. 31, 2017.
7) AXA Cooperative Insurance Co. (AXA Cooperative) has signed an auto insurance agreement with NCB, the insurer said in a statement to Tadawul.
8) Crude oil prices edged higher on Thursday, with Brent crude last up 0.1 percent at $64.94/bbl while WTI crude rose 0.2 percent to $61.07/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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