10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Sunday. 

1) Saudi Arabia's King Salman issued a royal decree on Saturday restoring financial allowances for civil servants and military staff that had been cut under austerity measures.

2) Tadawul will start implementing T+2 settlement cycle for stocks trading today.

3) Saudi Capital Market Authority began on Saturday implementing its new regulations on companies with accumulated losses of 20 percent of capital.

4) Saudi Capital Market Authority has halted on Saturday trading on Fawaz Abdulaziz Alhokair Co. as it has failed to announce its interim financial results during the specified period mentioned in the listing rules.  The company announced its financial results on Sunday, reporting a net profit of SAR 391.17 million for the fiscal year ended March 31, 2017.

5) Saudi Arabia Refineries Co.’s (SARCO) shareholders approved a board’s recommendation to freeze dividend for the fiscal year 2016. SARCO appointed Saud Al Sulaiman as vices chairman in place of Mohammed Al Saud who has resigned.

6) Al Jouf Agricultural Development Co.’s general assembly approved SAR 1 per share cash dividend to be paid on May 7, 2017.

7) The general assembly of Al Tayyar Travel Group Holding Co. approved the sale of the group’s 75 percent stake in Sudan’s Al Tayyar International Co. to Al-Shamel International Holding Co. for SAR 4.2 million.

8) Almarai Co. reported a net profit of SAR 328.3 million for Q1-2017, a 14 percent year-on-year increase.

9) Southern Province Cement Co. will pay SAR 2.25 per share cash dividend for H2-2016 on April 30, 2017.

10) Oil prices ended last week settling lower. Global benchmark Brent crude closed 1.9 percent lower at $51.96 per barrel (bbl) while WTI was down 2.2 percent at $49.62/bbl.