Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Saudi Aramco and Saudi Basic Industries Corp (SABIC) have awarded US engineering company KBR a contract for their crude oil-to-chemicals complex.
2) Jabal Omar Development Co. and Abu Dhabi Financial Group (ADFG) have signed a memorandum of understanding (MoU) on real estate development partnerships in Madinah, Makkah and neighboring cities.
3) Abdulmohsen Alhokair Group for Tourism and Development Co. (Al Hokair Group) has signed a joint venture agreement with Mexico's Cinepolis and UAE's Al Tayer Group to open cinemas in Saudi Arabia.
4) Alinma Bank posted a net profit of SAR 582 million for the first quarter of 2018, a 38.2 percent year-on-year (YoY) increase, which was attributed to a rise in operating income due to higher investment returns.
5) Saudi Arabian Fertilizers Co. (SAFCO) posted a net profit of SAR 237.2 million in Q1 2018, a drop of 43.9 percent YoY, on the back of higher costs due to the company’s restructuring.
6) Dollar bond yields have risen across the MENA region over the past month and are expected to rise further, as the Fed is likely to raise interest rates again, this time by more than most expect, Capital Economic said in a recent report.
7) Oil prices closed in the red last week. Brent crude was down 0.1 percent at $74.64/bbl while WTI crude fell 0.1 percent to $68.1/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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