5 things you need to know on Tadawul today

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

1) Al Sorayai Trading and Industrial Group said it has sold its 99 percent stake in UK-based Millennium Weavers-Europe to Victoria Company in Belgium for SAR 14.7 million. Additionally, the firm said it will maintain operations of Millennium Weavers Group Holdings in the US, and will liquidate its subsidiary Millennium Weavers Group Ltd in six months.

In a separate statement, the company said it will merge the business of its wholly-owned subsidiary Home Styles with its retail activities.

2) Tihama Advertising and Public Relations Co. has called an extraordinary general assembly meeting on July 16.

3) Saudi Arabian Airlines (Saudia) said the in-cabin ban on large portable electronic devices on direct flights to the United States will be lifted as of July 19.

4) The Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) declined to 54.3 in June, which is the slowest rate of expansion since October 2016.

5) Crude oil prices declined slightly on Wednesday. Both Brent crude and WTI crude were last down 0.1 percent at $49.56/bbl and $47.02/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com