5 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)  National Petrochemicals Co.’s (Petrochem) said a temporary and non-scheduled shutdown of Saudi Polymers Co. has ended, and that production restarted on May 26.

2) Shareholders of Kingdom Holding Co. approved on Thursday a 5 percent cash dividend at SAR 0.5 per share for the fiscal year 2016.

3) Saudi Steel Pipe Co. (SSP) on Thursday won a contract valued at more than SAR 97 million to supply Saudi Arabian Oil Co. (Saudi Aramco) with steel casing pipes, the company said in a statement to the Saudi bourse, Tadawul.

4) Saudi Arabia’s cabinet approved implementing the selective tax within 15 days after it was published in the official gazette on Friday.

5) Oil prices closed with gains on Friday, recovering from the sharp drop after OPEC decided to extend the output deal at the levels agreed to last year. Brent crude rose 1.3 percent to close at $52.15/bbl and WTI crude gained 1.8 percent to reach $49.8/bbl.