9 factors to keep in mind as Tadawul opens

Here’s what you need to know before the Saudi Stock Exchange (Tadawul) opens its doors on Sunday.

1) Saudi Arabia has reportedly offered to cut its oil production if Iran freezes its own output at 3.6 million barrels per day (bpd) as part of the kingdom’s efforts to strike an OPEC deal to curtail supply and support prices, sources familiar with the matter told Reuters.

2) Oil prices fell sharply last week with Brent crude down 3.7 percent to $45.89/bbl and WTI crude down nearly 4 percent to $44.48/bbl ahead of the upcoming informal meeting between OPEC members.

Concerns over a supply glut also deepened as the latest data from Baker Hughes showed an increase in rig count in the United States.

3) Stock markets in the US closed with declines on Friday amid low oil prices. The Dow Jones Industrial Average ended 0.7 percent lower, and the Nasdaq Composite fell 0.6 percent. In Asia, Japan’s Nikkei 225 ended 0.3 percent lower while China’s CSI300 Index fell 0.5 percent.

4) China has agreed to establish a direct trading pair between its yuan currency and the Saudi riyal, Reuters reported on Friday, citing the China foreign exchange trading platform operator.

5) Saudi Arabian Airlines (Saudia) has acquired 63 aircraft as part of the flagship carrier’s effort to upgrade and modernize its fleet, Suliman Al-Hamdan, the airline's chairman and transport minister, told the official Saudi Press Agency (SPA) on Friday.

6) Takween Advanced Industries Co. will establish a marketing branch for the company in the free zone area of Dubai, United Arab Emirates.

7) Arabian Cement Co.’s board of directors has appointed Ibrahim Sulaiman Al Rajhi as chairman after accepting the resignation of Abdullah Al Issa from the same position. Al Issa resigned for personal reasons on Sept. 21.

8) Yamama Cement Co. has moved its head office in Riyadh from Al Bathaa to Al Falah neighborhood on the Eastern ring road.

9) Taiba Holding has recommended a four percent cash dividend at SAR 0.4 per share for the third quarter of 2016.