Saudi Stocks Drop: Qassim Cement, Amiantit, Yansab, Zain Saudi Are Active
The Tadawul All Share Index fell for a fourth day, declining 1.2 percent to 6,098.57 at 11:35 a.m.
The following stocks rose or fell in Saudi Arabia’s market. Stock symbols are in parentheses.
Al Abdullatif Industrial Investment Co. (ALABDUL AB) dropped as much as 5.5 percent, the most since May 25, to 29.2 riyals. The Saudi carpet manufacturer said second-quarter profit declined 16 percent to 38.4 million riyals ($10 million) from a year earlier on higher costs.
National Industrialization Co. (NIC AB) rose as much as 6 percent to 26.7 riyals, the highest in almost a month. The petrochemical maker known as Tasnee said second-quarter profit climbed to 385.4 million riyals from 91.9 million riyals a year earlier.
Qassim Cement Co. (QACCO AB) retreated as much as 1.1 percent to 69.75 riyals, the lowest since June 22. The Saudi cement and clinker maker said second-quarter profit declined to 135.8 million riyals from 148.2 million riyals a year earlier on lower prices and falling demand.
Saudi Arabian Amiantit Co. (SAAC AB) dropped as much as 4.8 percent to 17.1 riyals, the lowest since June 1. The maker of fiberglass, iron and pipes said second-quarter profit increased to 45.6 million riyals from 40.5 million riyals a year earlier.
Yanbu National Petrochemicals Co. (YANSAB AB) dropped as much as 2.6 percent to 38 riyals, the lowest since July 7. The unit of Saudi Basic Industries Corp. known as Yansab was cut to “neutral” from “add” and given a price estimate of 43.50 riyals per share at Securities & Investment. Separately, Chairman Mutlaq Bin Hamad al-Morished told Al-Arabiya television that the board is yet to decide a date for Yansab’s first dividend payout.
Zain Saudi Arabia (ZAINKSA AB) retreated as much as 1.2 percent, the most in two weeks, to 8 riyals. The unit of Kuwait’s largest mobile-phone company Zain said second-quarter loss narrowed to 632 million riyals from 857 million riyals a year earlier on higher subscriptions.