Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) National Commercial Bank (NCB) has said that the decline in Turkish lira will not have much impact on its profitability and asset quality, given its suitable hedging strategy.
2) United International Transportation Company Ltd.’s (Budget Saudi) market share exceeded 25 percent in the Kingdom, especially following the launch of the affordable car rental service Payless, chief executive Fawaz Abdullah Ahmed Danish told Argaam.
3) Etihad Atheeb Telecommunication Co. (GO) has filed a lawsuit asking Riyadh’s administrative court to cancel the Communications and Information Technology Commission (CITC) decision to reject GO’s request to get the unified telecom license.
4) Saudi Paper Manufacturing Co.’s shareholders are set to vote on a 45.56 percent capital cut to SAR 245 million from SAR 450 million, on September 10.
5) Jarir Marketing Co. has opened a new showroom in Khamees Mushait city with a total investment of SAR 29 million, the company said in a statement.
6) Mobile Telecommunications Co. (Zain Kuwait) said a UK court has sentenced the owner of the Saudi Plastic Factory, one of the co-founders of Zain Saudi, to a one year in prison
7) Saudi Arabia can expect to see continued yearly increases in non-oil revenue going forward, especially from tax income, Jadwa Investment said in a recent report.
8) The finance ministers of Saudi Arabia, the UAE and Kuwait have reaffirmed their countries’ commitment to support the financial stability in Bahrain.
9) Gold prices fell over one percent on Thursday to hit their lowest in more than 19 months, as the US dollar held steady near recent peak despite concerns over Turkey's currency crisis and China's economic health.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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