Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) The Saudi Arabian Monetary Authority (SAMA) on Wednesday raised its reverse repo rate from 200 basis points to 225 basis points and its repo rate from 250 basis points to 275 basis points, with immediate effect. The increase is in line with the US Federal Reserve’s move to raise interest rates on Wednesday.
2) The Public Investment Fund (PIF) launched "Amaala," which will become an “uber-luxury destination” on the north-western coast of Saudi Arabia.
3) Al Tayyar Travel Group expects its online sales to reach SAR 2 billion by year-end and SAR 3.75 billion in 2020, chief executive officer Abdullah Al-Dawood told Argaam.
4) Saudi Arabia, the UAE, Kuwait, Qatar, and Bahrain will enter JP Morgan’s emerging market government bond indexes next year, Reuters reported.
5) Saudi Electricity Co. (SEC) has built six 380 kilovolt substations to enhance service reliability to Haramain Rail, which was inaugurated on Tuesday.
6) Saudi Arabia’s Cabinet approved the offering of six water projects for investment.
7) Advanced Petrochemical Co.’s board of directors recommended a 7 percent cash dividend for Q3 2018, at SAR 0.7 per share, amounting to SAR 137.8 million.
8) Brent crude prices crossed $82 on Thursday morning, driven by prospects of a tighter market due to US sanctions against Iran oil exports. Benchmark Brent was up 78 cents at $82.12/bbl, while WTI crude rose 83 cents to $72.40/bbl.
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