Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) United Electronics Co.'s (eXtra) commercial partnership with Noon.com will likely boost market share as the company will expand its customer base in the Kingdom, providing an integrated set of services, chief executive Mohamed Galal told Argaam.
2) Arabian Pipes Co. (APC) has been awarded a SAR 173 million contract to supply oil and gas steel pipes to Saudi Arabian Oil Co. (Saudi Aramco), the company said in a bourse statement.
Separately, Saudi Aramco said it has awarded three contracts to develop sites at Haradh and Hawiyah fields to Mofarreh Alharbi and Partners Company, Saudi Press Agency reported.
3) Middle East fund managers have become more positive toward Saudi Arabian equities after the Kingdom’s recent crackdown on corruption, a monthly Reuters poll showed.
4) The ministry of labor and social development will implement its decision to limit jobs at gold and jewelry stores to Saudi nationals starting today, Dec. 3.
5) Fitch Ratings' outlook on the Saudi banking sector is stable for next year, as liquidity pressures have partially eased amid expectations for further improvement in 2018, the rating agency said in a recent report.
6) Oil futures rose on Friday after OPEC and allied non-members agreed the day before to extend production cuts in a widely expected move aimed at ending a global market glut. Brent Crude on ICE ended the day 1.76 percent higher at $63.73, while WTI Crude (Nymex) was 1.67 percent higher at $58.36.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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