9 things to watch when Tadawul opens

Here’s what you need to know when the Saudi Stock Exchange (Tadawul) opens on Thursday.

1) Oil prices dipped on Thursday, after climbing above $47 in the previous session, as Canadian oil sands facilities resumed production. Brent crude was last down 0.3 percent at $47.48 per barrel (bbl). WTI crude fell 0.2 percent to $46.15/bbl.

2) Kuwait’s acting oil minister Anas al-Saleh said OPEC would focus on dialogue, not price-supporting market intervention during its next meeting on June 2.

3) Asian stocks slipped Thursday, tracking declines in US and European markets overnight, on disappointment over weak earnings in Japan. Japan’s Nikkei slid 0.4 percent. China’s Shanghai Composite fell 0.6 percent, and Hong Kong’s Hang Seng Index edged 0.4 percent lower.

4) Tadawul, which is readying for an initial public offering (IPO) of shares in its stock exchange, plans to increase trading fees by over 60 percent, Bloomberg reported.

5) Sipchem is planning an early redemption of its first sukuk issue worth SAR 1.8 billion in full on June 15.

6) Najran Cement Co.’s board of directors recommended the distribution of a 6 percent cash dividend at the rate of SAR 0.60 per share for the first half of 2016.

7) Zamil Industrial Investment Co. has reappointed Khalid Al Zamil as chairman during a meeting on held on May 11.

8) According to data compiled by Argaam, total sales of 15 Saudi cement companies fell 5 percent to 5.43 million tons in April 2016, compared to 5.72 million tons in the same month last year.

9) Red Sea Housing Services Co. has signed a contract with Guinea’s Compagnie Des Bauxites De Guinee (CBG) to build a housing complex worth $4 million in the country.

Write to Brinda Darasha at brinda.d@argaamplus.com