Dar Al Arkan Real Estate, Taiba Holding, Qassim Cement: Saudi Stock Movers

The Saudi Tadawul All Share Index declined as much as 0.6 percent to 6,306.2, the lowest intraday level since June 23. The following stocks rose or fell in the Saudi stock market. Symbols are in parentheses.

Dar Al Arkan Real Estate Development Co. (ALARKAN AB) dropped as much as 1.6 percent to 12.6 riyals, the lowest intraday level since March 2009. Saudi Arabia’s biggest property company by market value swapped $225 million of its fixed-rate Islamic bonds into floating-rate notes to cut borrowing costs.

Taiba Holding Co. (TIRECO AB) decreased as much as 2.4 percent, its steepest intraday drop in a month, to 16.15 riyals. The Saudi real-estate developer in Medina said it won’t pay a second-quarter dividend because of a payment delay from the kingdom’s Ministry of Finance.

Qassim Cement Co. (QACCO AB) dropped as much as 0.7 percent to 69.75 riyals, the lowest intraday price since June 23. The board of the Saudi cement maker approved payment of 2.25 riyals per share in dividends for the first half.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

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