Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi Telecom Co. (STC) is likely to generate strong revenue from e-payment services, company CEO Nasser Al-Nasser told CNBC Arabia.
2) Almarai reported a net profit of SAR 1.64 billion in the first nine months of 2018, a 1.8 percent year-on-year (YoY) drop. The dairy producer expects to issue a new sukuk by year-end, as part of an ongoing debt refinancing strategy, chief financial officer, Paul Gay, told The National.
3) Advanced Petrochemical Co. reported a net profit after zakat and tax of SAR 553 million in the first nine months of 2018, an increase of 5 percent YoY. The results came in-line with projections and were good despite higher feedstock prices, chairman Khalifa Bin Abdullatif Bin Abdullah Al-Mulhem told CNBC Arabia.
4) Saudi Arabia's Public Investment Fund (PIF) purchased a plot of land in Riyadh for SAR 2.17 billion, in the tenth auction of property from the late Sheikh Saleh Al-Rajhi’s estate.
5) The recent increase in interest rates by the Saudi Arabian Monetary Authority (SAMA) is credit positive for Saudi banks because it will support their profitability through higher net interest margins, said Moody’s Investors Service.
6) Saudi Arabia’s Ministry of Commerce and Investment issued 54 steel export licenses, Abdulrahman Al Hussein, the ministry's spokesperson, told Al Eqtisadiah newspaper.
7) Brent crude oil prices fell by more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran’s oil exports next month. Benchmark Brent was down 84 cents at $83.32/bbl, while WTI crude fell 53 cents to $73.81/bbl.
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